Daily NAPTA Update 10.3.2023

Posted by Diane Macri | Oct 03, 2023 | 0 Comments


Lab Supply Surge Leads To Construction Delays, Leasing To Tech Firms
The surge in lab availability, a result of economic uncertainty, funding declines and enlarged construction pipelines, has driven some developers and landlords to seek solutions to excess space that might have been unthinkable during the industry's explosive early pandemic growth.

Marriott's Pipeline Hits Record High As It Adds Luxury, Midscale Hotels
The pandemic may have wreaked short-term havoc on the hotel sector, but it hasn't interrupted Marriott International's growth. At a meeting with its investors this week, the hotel brand's executives said that the company has been signing long-term contracts for luxury and midscale hotels since 2019.

These Are the Riskiest Housing Markets in America Right Now
Some of the nation's largest housing markets are the most vulnerable to a potential economic downturn. The largest risks were in counties near New York City, Chicago, and Philadelphia. The report was based on home prices, average local wages, the percentage of homes that could be foreclosed on, home affordability, the portion of underwater properties, local unemployment rates, and other factors in the second quarter of 2023.

Hotel Property Tax Relief Varies By Geography
Based on a sample of more than 3,000 hotels from CBRE's Trends® in the Hotel Industry database, U.S. hotel property tax expenditures averaged $2,626 per available room (PAR) in 2022. This is 10.8% less than the $2,943 PAR recorded in 2019, before the COVID-19 pandemic. Concurrently, the earnings before interest, taxes, depreciation, and amortization (EBITDA) for these same properties fell by 1.7%.

Apartment List National Rent Report
Apartment List
This cooldown is widespread; rents fell month-over-month in September in 85 of the nation's 100 largest cities, and thanks to sluggish rent growth over the past 12 months, prices are down year-over-year in 71 of these 100 cities. Rent swings are largely driven by the balance between the number of vacant apartments available and the number of renters looking to move into them.

Starts plummet 41%
Starts for buildings with five or more units hit a seasonally adjusted rate of 334,000 in August, a 41% decline from August 2022, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Starts also decreased 26.3% to an annualized 342,000 pace for two-plus unit construction in August.

Following 2022 Peaks, Urban Core Apartments Lose Pricing Power
Pricing power has waned recently across the U.S. apartment market, as new supply has put downward pressure on rents. Some urban core submarkets, however, have experienced a more extreme loss of pricing power in the past year. In the U.S. overall, annual effective asking rent change has flattened, with negligible growth of just 0.3% in the year-ending August 2023.


Arizona cities gave developers millions in tax breaks. Here's a list
AZ Central
Cities in Arizona have the authority to offer certain tax breaks to incentivize developments that the community desires or will benefit from. Sometimes it's property tax breaks, either in the form of a Government Property Lease Excise Tax, or GPLET, or through a Foreign Trade Zone. 


Think your city of Des Moines property taxes are high? Study confirms they are indeed
Des Moines Register
Homeowners in the city of Des Moines frequently grumble that their taxes are high. According to a new analysis, they're right. According to the findings, Des Moines ranks 22nd for the highest property taxes in proportion to home value among the 330 U.S. cities with populations of 100,000 or more. Smartasset, a New York-based real estate think tank, used U.S. Census Bureau data to compile the list.


Ore. Tax Court OKs $2.8B Central Assessment On Energy Co.
Energy provider PacifiCorp's property in Oregon may be centrally assessed, the state tax court said, upholding its August ruling allowing the state's $2.8 billion valuation of the property to stand...


Oostburg appeals circuit court decision granting Pine Haven Christian Communities tax refund. Here's what we know.
Sheboygan Press
Village of Oostburg filed to appeal a property tax lawsuit to the Wisconsin Court of Appeals while a similar case remains pending in Sheboygan County Circuit Court. Pine Haven Christian Home, Inc.'s three lawsuits against the village dispute the tax-exempt status of its Oostburg Duplexes, designated for independent senior living.

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