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A team of Appraisal Institute Board and Staff Leaders today concluded three days of workshops and planning sessions built around ways to better coordinate and collaborate to achieve goals for its members and chapters.

New AI designation pins, and more in the December 2023 President's Message

Rep. Adam Smith, D-Wash., and Sen. Jeff Merkley, D-Ore., on Dec. 5 introduced legislation to ban hedge funds from buying and owning single-family homes in the U.S. Known as the End Hedge Fund Control of American Homes Act of 2023, the bill would require hedge funds to sell off all single-family homes in their portfolios over a 10-year phaseout period. The intent is to increase the availability and affordability of single-family homes for individual buyers.

Economic growth is expected to slow in 2024 and real estate transaction values should decline further, which could create compelling buying opportunities, although lending is expected to remain tight, CBRE reported Dec. 14 in its 2024 U.S. Real Estate Outlook. However, the firm also reported that it expects commercial real estate values to rebound during the second half of the year.

The office sector may be turning a corner, with 42% of those currently leasing office space saying they plan to lease more in the coming months, according to a survey from MRI Software and CoreNet Global, GlobeSt.com reported Dec. 7. That’s in sharp contrast to a year ago when only 10% said they were looking for more space.

Retail spaces in urban settings are on the rebound, with luxury boutiques emerging as a growing category and accounting for 12% of new leases signed during the past year, according to JLL, GlobeSt.com reported Dec. 7. The retail sector overall has shown sustained rent growth and low vacancy rates, with landlords in prime retail corridors seeing asking rents grow 3.3% this year.