Daily NAPTA Update 5.10.2023

Posted by Diane Macri | May 10, 2023


Bankruptcies, Bank Failures Haven't Dented Retail Real Estate's Recovery Just Yet
Although consumer retail spending dropped slightly in February and March, retail landlords showed optimism discussing their first-quarter earnings, with many reporting rising rents amid high demand and guarded optimism that the sector — which had so long been the laggard among commercial real estate asset classes — will be the standout performer this year.

Burger King To Close As Many As 400 Weak Locations
Fast-food giant Burger King is planning to close as many as 400 underperforming locations by the end of 2023, according to company executives, though the exact number hasn't been determined yet. The closures weed out weaker locations by owner Restaurant Brands International, which also franchises Popeyes, Tim Hortons and Firehouse Subs.

The Fed's watching commercial real estate
Trouble in the commercial real estate sector — including office buildings across the country that stand largely unoccupied — is a possible risk to the U.S. financial system, Axios' Courtenay Brown writes. That's one takeaway from a new report by the Federal Reserve that offers a twice-yearly assessment of what the central bank sees as its biggest concerns.


Downtown San Francisco Office Tower Likely To Sell at Massive Discount: Sources
San Francisco Standard
A buyer has been selected for 350 California St., a Downtown San Francisco office tower that has become a bellwether for the state of the city's commercial real estate market. And as many observers had expected, the property is selling at a huge discount. A bid from San Francisco-based real estate developer SKS has been chosen by property owners MUFG Americas, according to multiple sources with knowledge of the deal. 


Coloradans will vote on whether to lower property tax rates in exchange for smaller TABOR refunds this November
CPR News
A complex proposal to change Colorado's tax rules will go before voters this November. The measure, known as Prop. HH, was approved by Democratic lawmakers in a contentious and fast-moving process that saw two bills with potentially billions of dollars of fiscal implications introduced and passed in a matter of days.


NYC's office returns have stalled
More people went to the office in Manhattan in the first three months of 2023, compared to the same time last year, per a report out Monday. But there are signs that these office visitation rates are stalling, according to the data from the Real Estate Board of New York (REBNY).


County offers grief counseling following death of assessor's son
Norman Transcript
Two days after a crash killed the son of Cleveland County Assessor Doug Warr, county commissioners meeting Monday offered condolences to the family and assistance to staff. Riley Johnson, 18, a senior at Norman North High School, was killed Saturday morning in a crash on southbound Interstate 35 near the Tecumseh Road exit, according to the Oklahoma Highway Patrol.


‘True Mixed-Use': How HALL Park Is Transforming Itself To Anticipate Tenants' Changing Needs
Today's business climate has many commercial real estate players hunkered down and putting projects on hold until they see clear signs of normalcy returning in the office market. The CRE owner, manager, lender and developer is in the first phase of the rollout of a master plan that will transform its signature 162-acre office park in Frisco, Texas, into a community that will serve the changing ways many people work, play and live. 

Tarrant Appraisal District to vote on replacement for former chairwoman
Property tax watchdogs are closely monitoring a change in board members at the Tarrant Appraisal District, the agency that determines property values. The former chair resigned ahead of a recall vote. The largest tax entity cast its votes for her replacement.

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