An estimated $957 billion of the $4.8 trillion in outstanding commercial mortgages held by lenders and investors is expected to mature in 2025 — a 3% increase from the $929 billion that matured in 2024.
CMBS Delinquency
Moody's CMBS Conduit/Fusion Delinquency Tracker ticked up to 8.17% in April, surpassing the previous pandemic peak of 7.95% in July 2020. In April, $2.31 billion in loans entered delinquency, 52.6% of which was secured by office loans, 17.2% secured by retail loans and 8.8% secured by hotel loans.
401(k) Private Markets Investments
The 401(k) giant Empower will start allowing private credit, equity and real estate in some of the accounts it administers later this year. The firm is expected to announce Wednesday that it has joined with seven firms to offer these investments.
Centennial Yards Live Nation
Live Nation committed to lease a 5,300-seat entertainment venue at Centennial Yards, the more than $5 billion mixed-use megaproject under construction next to the Atlanta Hawks’ basketball arena and Mercedes-Benz Stadium.
Retailers
Retailers vacated nearly 6 million more square feet than they occupied during the first three months of the year. That marked the weakest quarter for shopping-center leasing since the onset of the pandemic in 2020.
Brookfield Fund
Brookfield raised $5.9 billion for its new real-estate fund in the first quarter, signaling growing investor appetite for distressed commercial property. Brookfield is taking advantage of the sharp drop in property prices, buying foreclosed properties and relatively healthy ones where sellers want to cash out. The fund has invested about a quarter of its money, mostly in apartment buildings and warehouses, at prices well below replacement cost.
Coinbase Deribit
Coinbase Global has agreed to acquire Deribit, the world’s biggest trading platform for bitcoin and ether options, for roughly $2.9 billion.
Hiring Rate
The latest Job Openings and Labor Turnover Survey (JOLTS) revealed the hiring rate ended March at 3.4%. When excluding the pandemic, the hiring rate is hovering near its lowest levels of the past decade.
DoorDash SevenRooms
DoorDash said it struck a $1.2 billion cash deal to buy closely held software concern SevenRooms, whose technology helps hotels and restaurants manage reservations.
Boston Vacancy
Boston’s office-vacancy rate has increased to a record 14.2% from 6.7% in 2019.