Updates

Daily NAPTA Update 07. 25.2024

Posted by Diane Macri | Jul 25, 2024 | 0 Comments

NATIONAL
Alexandria To Sell More Properties, Push 'Mega-Campuses' As Lab Supply Glut Weighs On Market

BisNow

The company has wasted no time executing this strategy. Green Street reported Tuesday, the same day as the second-quarter earnings call, that the REIT plans to sell two Cambridge properties: 215 First St. and 150 Second St., valued at $160M and $120M, respectively.


The Apartment Markets Seeing Delivery Volumes Decline

RealPage Analytics Blog

The U.S. overall delivered 522,743 units in the year-ending 2nd quarter 2024. At the end of 2nd quarter, there were another almost 630,000 units underway and scheduled to complete in the next four quarters. But while the U.S. overall is expected to see delivery volumes increase in the coming year, a handful of major markets will see their supply totals go a different way.


Trillion-Dollar AI Push Spurs A Booming CRE Sector, But Skeptics Warn It May Be A Bubble

BisNow

Big Tech's push to build the infrastructure for generative artificial intelligence has come with an unprecedented trillion-dollar price tag and has made data centers one of the hottest real estate sectors. But a growing chorus of skeptics over the last month have said this massive wave of spending is unlikely to pay off, and that the clock is ticking toward the end of the “AI bubble.”

GEORGIA
Property Tax Caps: Homeowner Relief Or Community Killer? 'You're Paying $8, While Your Neighbor Owes $3,236'

Yahoo News

Property taxes are designed to fund local services like schools, libraries, parks, trails, and other local facilities that make a community a great place to live. But rising inflation has meant rising property taxes, leaving some homeowners struggling to make up the difference.

OHIO
Super 8 Motel Loses Bid for Covid-Tied Ohio Property Tax Break

Bloomberg Tax

A Super 8 motel is stuck with a $2.35 million valuation for tax purposes after failing on Wednesday to convince an Ohio tribunal that its property's worth was affected by the Covid-19 pandemic. Under Ohio law, property owners seeking a lower assessment due to Covid must prove the property's valuation declined between January and October 2020 because of the pandemic, the tribunal said.

TENNESSEE
Catoosa County school board proposing 30% property tax increase

Chattanooga Times Free Press

The Catoosa County school board is proposing to maintain its millage rate for fiscal year 2025, which would result in about a 30% increase in its portion of property taxes for homeowners. Increasing school system costs, mainly from state-required contributions to employee insurance, is the reason given by district officials, according to a media statement released Wednesday.

WASHINGTON
Are we on the brink of a tax revolt?

KUOW

There's something unusual happening to property values in Seattle right now. As housing prices continue to climb, the value of commercial property is taking a big plunge. The County Assessor warns office buildings will be worth 30-40% less next year. This is a historic shift. And it will have impacts on the cost of living for all of us.

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