AGP Executive Report

UK Offices: Chancellor John Healey is weighing a business-rates increase on high-value commercial buildings that could raise £1bn, drawing warnings it would deter investment and hit London’s City districts hardest. Investment: EQT agreed to buy U.S. property manager Stockbridge for up to $550m, adding a firm with $16.5bn in fee-generating assets. New Zealand Housing: Listings reached 34,001 in September, up 11% year over year, while sales fell 11.6% and the national median price slipped 2.3% to $755,000. Unsold Homes: Perak has 4,075 completed but unsold units; the state has asked developers’ representatives to study the causes and recommend changes to project approvals. New York Development: An eight-story affordable housing complex and a 700-seat public school are rising side by side on the former Church of the Visitation site in Kingsbridge. Dubai Logistics: Gargash Prime and JD.com’s JINGDONG Property plan a 2.5-million-square-foot distribution hub to serve regional supply chains.

Brokerage Commissions: Canada’s Federal Court of Appeal rejected a bid to end a proposed class action over buyer-agent commissions, allowing claims that the rules shield fees from competition to proceed. Housing Market: U.S. sellers face a record surplus of homes as buyer demand weakens; mortgage demand also fell 19.2%, pointing to growing pressure on sellers. Property Taxes: Watauga County, North Carolina, plans a public hearing on its 2027 reappraisal. Values will be reset to market levels, with assessments beginning in January and appeals expected in March. Commercial Real Estate: Castlelake raised $1.1 billion in its first commercial-property loan deal, while struggling Westland Mall in Michigan is listed for $18 million, with redevelopment considered.

Housing Market: Mortgage demand fell 19.2% as first-time buyers pulled back. Existing-home sales edged up month over month, but the median price reached a record $417,500. In Maine, September sales slipped 4.2% year over year while the median price rose to $415,000. Emporia has only about two months of housing supply, and homes are taking longer to sell. Commercial Property: Higher borrowing costs are weighing on buyer searches, while a lender has begun foreclosure proceedings on a vacant $350 million Los Angeles office campus. Deals & Financing: Terra secured $183.75 million to refinance its Bay Harbor Islands office building, which is more than 90% leased. Simi Capital made its first Texas acquisition, buying a 359,000-square-foot small-bay industrial portfolio in the Houston area.

Housing Development: Maryland’s plan to replace Baltimore’s State Center offices could deliver up to 1,664 homes, retail, a hotel and office space, though no developer or construction timeline is set. The University of Utah also approved buying 14 acres, valued at nearly $23.2 million, for a new health clinic. Market Pressure: U.S. mortgage rates have topped 7%, slowing some buyers, while Australian agents report more deals collapsing at the last minute. One economist forecasts a 13% national peak-to-trough price fall and declines of up to 40% in some Sydney suburbs. Mixed Signals: Shanghai logged a second-half high in existing-home sales, with holiday transactions up 66% year over year as policy support bolsters demand. Property Investment: Parkway Life REIT agreed to buy three French nursing homes for US$43.5 million, with 12-year leases to the operator.

U.S. Housing: Existing-home sales rose 1.5% in September, but remained down 2.2% year over year. Inventory increased to 1.6 million homes, giving buyers more room to negotiate as higher mortgage rates weigh on affordability. Investment Funds: India’s Bajaj Alts raised ₹950 crore toward a ₹2,000 crore fund for commercial office development. In the U.S., SWBC launched a $200 million fund targeting Sun Belt multifamily acquisitions and development. Mortgage Finance: Saudi Arabia’s Real Estate Refinance Company launched its second residential mortgage-backed securities issue, the first domestic issuance of its kind with published Moody’s and Fitch ratings. Industrial Property: India’s Vantrock plans 11.5 million square feet of warehousing and logistics parks, beginning with projects in NCR, Bengaluru and Pune. Data Centers: Industry leaders say power and skilled construction workers are now major constraints on the AI data-center buildout, sharpening competition for sites and infrastructure.

Housing Market: U.S. pending home sales sank to their lowest level since 2014 as mortgage rates reached 7.28%. More homes hit the market, but 14.5% of September deals fell through, and prices showed signs of cooling. Affordable Housing: A $1.5 billion Canadian federal fund aims to protect 7,000 affordable rental homes, while a 108-unit affordable apartment project has broken ground in Mountain View. Development: Nearly 4,000 homes are planned for a west Fort Worth project, and a revised proposal for a 685-lot community in Broulee, Australia, includes affordable housing and open space. Commercial Property: Walker & Dunlop arranged $203 million in financing for an East Village mixed-use apartment property. Meanwhile, JLL says Asia-Pacific data center capacity could rise from 32 gigawatts to 57 gigawatts by 2030, making access to power a growing factor in site value and development.

REIT Listing: Malaysia’s IOIPG REIT has signed six underwriters for an IPO of up to 2.2 billion units, with a prospectus expected in the fourth quarter. Mortgage Pressure: US 30-year mortgage rates have climbed to nearly a three-year high of 7.4% as Treasury yields surge, keeping homeowners locked into existing loans. Housing Affordability: A UN expert says Ghana’s luxury-focused building boom leaves many working households priced out, even as some high-end homes sit vacant. Rental Market: Florida renters are moving less, while Australia’s market is splitting: lower-priced homes are losing value as premium properties hold steadier. New Development: South Africa’s R624 million Aspire Waterfall City project has broken ground after selling more than 76% of its 217 apartments and penthouses; completion is expected in 2028.

Housing Pressure: Seoul apartment prices rose 10.4% in the year after new curbs, while high-rent small studios jumped 70%. Next year, redevelopment relocations in southwest Seoul are expected to outnumber new homes by more than three to one. Mortgage Outlook: The Mortgage Bankers Association forecasts 30-year rates averaging 7.3% in late 2026 and staying above 7% through 2027, keeping borrowing costs elevated for buyers. Redevelopment: Pennsylvania’s Neshaminy Mall is set to close Oct. 31. A draft, unapproved concept would replace much of the 1.1-million-square-foot site with open-air retail, restaurants, hospitality and housing. Investment: A proposed federal Opportunity Zone project in downtown Richland, Washington, could draw $300 million in investment and add about 480 homes, including affordable units. Housing Supply: Guam’s military plans reportedly include acquiring 200 private-sector family homes, raising concerns that the purchases could further tighten an already strained local market. Foreign Buyers: New Zealand Sotheby’s International Realty is urging a review of the $5 million threshold for overseas buyers, suggesting lower or regionally adjusted limits to attract investment to softer markets such as Wellington.

Multifamily Investment: RREAF Holdings and Axonic Capital bought The Palms at Chatham, a 300-unit apartment community near Savannah, expanding their Southeast portfolio. Market Cooldown: Denver-area home sales fell to 2,849 in September, the lowest monthly total since 2008, as mortgage rates climbed to about 7.5%; pending sales also dropped, pointing to continued softness. Housing Supply: Chennai accounted for 51.5% of Tamil Nadu’s residential launches, while a new report urged faster approvals and more affordable housing as growth spreads to smaller cities. Capital Flows: Institutional investment in Indian real estate reached $5.9 billion in the first nine months of 2026, up 39% year over year. Affordability: A UN housing expert urged Ghana to strengthen rent control, warning that high formal-housing costs are pushing more people into informal settlements.

Housing Supply: South Korea plans to ease developer contributions for converting office and commercial sites into homes, aiming to make urban housing projects more viable and predictable. Property Crackdown: Thai police say 94 luxury homes worth more than 6 billion baht were held through companies using illegal nominee shareholders; 11 foreign nationals have been arrested, with more warrants issued. Market Trends: U.S. home prices have risen more than twice as fast as inflation since 1984, according to a new study. In India, private-equity investment in real estate rose 23% to $2.7 billion in the first half of the fiscal year, while industrial and warehousing leasing reached a record 59.1 million square feet in the first nine months. Affordability Pressure: Melbourne’s weak auction activity is raising concerns about state revenue, while a new report says income needed to buy a Queensland home is rising far faster than wages.

Capital Flows: Private-equity investment in Indian real estate rose 23% year over year to $2.7 billion in April–September. Domestic investors supplied $1.3 billion, nearly six times last year’s level. Infrastructure & Development: Malaysia’s Negeri Sembilan expects a new KLIA–Bandar Enstek road and other upgrades to boost access and investment around the Malaysia Vision Valley 2.0 project. Housing Affordability: U.S. starter homes fell to 36.2% of listings, from 38.1% in 2019, while prices climbed 30.8% to about $340,000. In South Korea, young adults closed more housing-subscription accounts than they opened as presale prices soared. Project Delays: Dutch real estate agents say grid congestion is delaying about a quarter of housing projects, adding to permitting and municipal-capacity bottlenecks. Property Protection: Local offices, including Cook County’s, are offering free alerts when deeds or liens are recorded, helping owners spot suspicious filings sooner.

Mortgage Pressure: U.S. mortgage applications fell as rates climbed, adding to signs that borrowing costs are weighing on buyers. Homebuyer Choices: In Singapore, resale condos have delivered stronger long-term returns than new launches: a 3.7% median annualized return versus 2.7%, according to data cited by The Business Times. Canadian Housing: Fraser Valley listings rose 18.8% in September from August, but sales slipped and benchmark prices fell year over year. Greater Vancouver and the Fraser Valley are also nearing a 20-year high in court-ordered home listings, with properties struggling to sell. Office Market: A San Jose office campus sold for $82 million, roughly half its 2015 price, highlighting pressure on downtown offices. Meanwhile, Tishman Speyer took over the Chrysler Building lease for $225 million. Investment: Indian real estate drew $5.9 billion in institutional investment from January through September, up 39% year over year, led by domestic investors.

Mortgage Pressure: U.S. 30-year mortgage rates reached 7.4%, their highest in nearly three years, adding to affordability strain and chilling homebuying. Manhattan Offices: Tishman Speyer signed a $225 million, 150-year ground lease for the Chrysler Building and plans upgrades, with Canada’s Public Sector Pension Investment Board as lead investor. Texas Land Rules: Attorney General Ken Paxton proposed tougher enforcement of a law restricting certain foreign adversaries’ interests in Texas property, including broader public reporting of suspected violations. New Housing: Construction has begun on La Crosse’s $64 million Copper Rocks project, which will bring 247 homes to a former K-Mart site. Investment Pipeline: Mission Driven Finance and Known Holdings formalized a partnership to provide fund infrastructure for managers, businesses and real estate projects seeking to scale.

Land Deals: Pima County is negotiating a potential $15 million sale of 56.66 acres in Tucson to Costco. The proposed deal is nonbinding, with site reviews and approvals still ahead. Commercial Investment: Brookfield plans to buy eight Indian logistics parks from ESR for $444 million. The 10.5 million-square-foot portfolio is 98% leased, and ESR will continue managing it. Housing Market: South Australian agents say rising mortgage costs are prompting homeowners, investors and developers to sell, even as falling prices add pressure. New Homes: Construction has begun on Copper Rocks, a La Crosse project planned for 247 homes and 20,000 square feet of commercial and community space, with a focus on middle-income residents. Homebuyer Protections: More than 1,000 appeals are pending at Maharashtra’s real estate tribunal, and an advocacy group is urging the government to fill its vacant judicial post to prevent further delays.

Housing Supply: California issued permits for 36,600 multifamily homes through August, up 33% year over year—the third-strongest start to a year since 1990. Los Angeles and Orange counties drove much of the increase. Commercial Market: Long Island’s office vacancy rate fell to 11.6% in Q3 as demand for quality space met shrinking supply; industrial leasing also remained strong, reaching 1.1 million square feet. Homeownership Costs: Ghana’s National Housing Fund cut its mortgage rate from 13.5% to 8.4% to widen access, though mortgage lending remains scarce. In the U.S., rising rates are pushing some Seattle-area buyers to make larger down payments, while Hocking County homeowners face higher tax bills as assessed values climb. Housing Crisis: Spain’s housing protests gained renewed force after 87-year-old Maricarmen died two weeks after her eviction, making affordability and tenant protections a sharper political issue.

Mortgage Costs: The average 30-year fixed rate jumped to 7.49%, a three-year high, as Treasury yields climbed—another setback for buyers and housing demand. Local Markets: Metro Vancouver home sales fell 8.4% year over year in September, led by weaker condo activity; in Powell River, sales remained active, but average prices were down 8.5% so far this year. Housing Crisis: María del Carmen Abascal, 87, died weeks after being evicted from her Madrid apartment of 70 years, prompting renewed protests over housing and tenant protections. Property Taxes: Florida Sheriff Grady Judd warned a proposed homestead exemption increase could cut local revenue and threaten public services; voters will decide on Amendment 3 in November.