📈 NYC Co‑op Faces 450 % Rent Spike (WSJ)
💼 City Office REIT Going Private Deal (Reuters)
📦 Warehouse Deals Slow Amid Supply Glut (WSJ)
📚 Last call for AI Workshop & Selling into Real Estate Course

Data Viz of the Week: Where are the Vacation Homes?

One in six Maine and Vermont homes are vacation homes, as are one in twelve Florida homes.  The lowest? Illinois, where it's one out of every 125 homes.

This isn't about Airbnb; Maine's vacation home rate was actually higher in 1960. But it's remarkable to see the scale of seasonally-occupied homes in context of the state's housing market.

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• 📣 LAST CALL: July 29-30: Workshop: AI in Real Estate (💻 Online): A two-day interactive workshop for real estate owners, operators, and developers exploring how to use AI in the sector - Sign up

• August 18: Fundamentals of Capital Raising (💻 Online): An insider’s guide to raising capital for real estate projects from individuals, family offices and institutional investors

Three Articles We Loved from Last Week

It’s not easy keeping up with everything. Here are three articles we loved from the past week that you may have missed:

1. (WSJ) A 450 % Rent Hike Hangs Over One of the Last Affordable Buildings on Billionaires’ Row
   Residents of Carnegie House co‑ops in Manhattan face a ground‑lease reset hiking annual rent from ~$4.4 M to ~$24 M, threatening loss of ownership; board prepares legal challenge. 

2. (Reuters) City Office REIT to be taken private in near $1.1 B deal
   MCME Carell will acquire remaining shares of City Office REIT for $7 per share in cash (~26 % premium), sending the stock up 24 %—transaction hinges on divesting their Phoenix portfolio. 

3. (WSJ) Trade Questions, Slow Leasing Hold Back Warehouse Dealmaking 
   Q2 industrial‑property deal volume stagnated at ~$22.9 B, rental rate growth cooled to just over $10 psf, and vacancy rose to a decade high of 7.1 % as trade policy uncertainty and oversupply freeze investor activity. 

Developer of the Week: Bridge Logistics

Bridge Logistics, the industrial-focused subsidiary of the $50B+ investment behemoth Bridge Investment Group, brought down a 3-building, 333,000 square foot SoCal industrial portfolio last week for $84 million.

Industrial remains hot throughout the US, including sites like this one in Inland Empire where vacancy remains low at 6.8%.

You can read more about Bridge Investment Group on the Thesis Driven GP database here.

Know about a developer doing something cool? Reach out to [email protected] with the tip!

—Brad and Paul