Hello Brick Brief readers, 

Today we’re seeing homebuilders oppose the Senate’s institutional investor housing bill, retailers invest in new store openings as demand remains barbelled, and new industrial fund raises attract institutional capital.

🏠 Housing Policy Uncertainty
Homebuilders expressed opposition toward the Senate’s institutional investor housing bill, as it would require investors to sell certain build to rent or renovated rental homes within seven years. The National Association of Home Builders warns the forced sale provision creates uncertainty that could reduce financing and discourage new housing development.

🛍️ Retail Remains Barbelled
Retailers are continuing to invest in physical stores as Target plans to spend $1B on new locations and renovations across its 2,000 store network and open 30 locations in 2026 as part of a broader turnaround strategy. The sector remains split between value and higher income consumers as Ross and TJX are planning 256 new stores in 2026 to capture inflation weary shoppers seeking discounts, while American Eagle forecasted 2026 sales growth above estimates thanks to strong demand from affluent Gen Z shoppers.

📦 Industrial Capital Returns
Industrial real estate is attracting new capital as investors grow more optimistic that the sector may be reaching a turning point after the recent slowdown in leasing and development activity. LBA Logistics raised $2.2B for LBA Logistics Value Fund X targeting value add logistics investments across major U.S. distribution markets, while IP Capital Partners launched its $250M IPCP Southeast Industrial Fund II focused on acquiring industrial properties across the Southeast.

US services activity hits strongest growth since 2022 – ISM services index rose to 56.1, with new orders reaching a one-year high of 58.6 as demand strengthened across 14 industries, including real estate (Bloomberg)

Private payrolls rise 63K in February, January revised down to 11K – Hiring concentrated in health services and construction, while wage gains for job switchers fall to the smallest gap on record (CNBC)

Treasury’s Bessent says 15% global tariff likely this week, up from 10% imposed after Supreme Court ruling – White House could restore prior tariff levels within five months (FT)

Fed’s Miran backs four rate cuts in 2026 despite Iran conflict risks – Says oil-driven inflation likely limited to headline prices while weakening labor trends still warrant monetary easing (Reuters)

Fed’s Hammack backs holding interest rates steady for now – Says it is too early to gauge the economic impact of the Iran conflict while inflation remains above target (Reuters)

U.S. cross-border real estate investment totaled $48.8B in FY2025 – Industrial led with $18.8B, followed by office ($8.5B) and multifamily ($7.9B), with $17B invested outside the top asset classes (Colliers)

Homebuilders oppose Senate housing bill investor ban – NAHB warns requirement forcing investors to sell certain single-family rental homes within seven years could deter financing and limit housing production (Bloomberg)

There is a provision requiring investors to sell build-to-rent or renovated rental homes within seven years, which creates uncertainty that could reduce financing and discourage new housing development. The bill may be optically attractive for headlines because it targets Wall Street investors but could reduce housing supply by limiting institutional capital that homebuilders rely on to finance new development.

Institutional investors become net sellers of single-family homes – Large landlords are reducing portfolios as softer rent growth and housing volatility make selling more attractive than holding (ConnectCRE)

US existing home sales rise 1.8% YoY in February – Lower mortgage rates improved affordability and boosted buying power by $30K for median-income households (Zillow)

U.S. home price growth slows to 0.7% YoY in January – Midwest and Northeast led appreciation while Florida, Colorado, and Utah posted the steepest price declines as inventory rises (Cotality)

Investor home purchases rise 2% YoY to 49,824 in Q4 across 38 major U.S. metros – Activity surged in West Coast markets led by Seattle +37% and San Francisco +24%, while Florida markets like Orlando -16% and Fort Lauderdale -15% saw the steepest pullbacks (Redfin)

30Y mortgage rates rise back above 6% after oil shock – Higher energy prices lifted Treasury yields and reversed a brief dip below the key affordability threshold (Zillow)

Homeowners stay in homes for 12 years, worsening housing supply shortage – High mortgage rates and moving costs keep owners locked in place, limiting listings and pushing prices further out of reach for buyers (Bloomberg)

Property taxes and insurance account for 21% of monthly mortgage payments nationwide – Costs reach as high as 43.6% in Pensacola, FL as rising insurance premiums and property taxes add significant pressure to housing affordability (HousingWire)

10 of the 50 largest U.S. apartment markets added fewer than 1,700 units in 2025 – Limited new supply pushed occupancy and rent growth above the national average, led by 8.7% rent growth in San Francisco (RealPage)

Affordable multifamily outperforms market-rate apartments on NOI growth – Income-restricted properties posted 8.7% NOI growth in 2025 versus 2.2% for traditional multifamily as higher HUD rent caps boosted revenue (MultiHousingNews)

Coinbase plans $750M annual investment to build NYC crypto hub – Firm to expand One Madison office into 1,000-worker research center, adding 630 jobs (Bisnow)

Amazon plans to cut 49,000 desks from office footprint – Effort to reduce 31% vacancy could remove more than 14M SF of space through lease expirations, subleases and office closures (Bisnow)

Uber expands 86K SF at 3 World Trade Center in Manhattan, NY – Sublease expansion brings the company’s total footprint in Silverstein Properties’ tower to 437K SF (CommercialObserver)

Steadfast Financial renews 22K SF at SL Green’s 450 Park Avenue in Manhattan, NY – Five-year deal keeps the investment advisory firm on the 20th and 21st floors of the Midtown office tower (CommercialObserver)

Varda Space Industries leases 205K SF at GPI Companies’ 2031 East Mariposa Avenue campus in El Segundo, CA – Expansion at the former Mattel R&D facility grows the aerospace startup’s headquarters footprint in Los Angeles’ South Bay (CommercialObserver)

Target plans to spend $1B on new stores and renovations across its 2,000-store network – Retailer aims to open 30 locations in 2026 and 300 by 2035 as part of a $2B turnaround strategy (Bisnow)

Ross and TJX plan 256 new stores in 2026 – Off-price retailers are expanding as inflation-weary consumers seek discounted apparel and home goods (CoStar)

Ulta and Bath & Body Works see steady foot traffic despite spending pressure – Visits remain resilient as both brands target younger consumers to drive future growth (Placerai)

Largest U.S. grid operator PJM proposes rules allowing data centers to buy power directly from plants – Changes aim to support AI infrastructure while limiting cost shifts to other grid customers (Bisnow)

Trump tells AI companies they need “PR help” over data center backlash – Tech groups pledge to cover energy costs for AI infrastructure amid concerns about rising electricity prices (FT)

Intel says server chip demand remains strong amid AI boom – CFO says orders continue rising but supply shortages across factories and the semiconductor industry are limiting production (Bloomberg)

Scottsdale developer scraps Phoenix data center project – Vintage Partners pivots 63-acre Laveen site to mixed-use development with retail, commercial and up to 1,000 residential units after regulatory and power-cost concerns (Bisnow)

Hotel distress creates buying opportunity for investors – Maturing debt, brand renovation requirements and flat revenue are pushing owners to sell as hotel transaction volume begins to recover (Bisnow)

American Eagle forecasts 2026 sales growth above estimates – Demand from affluent Gen Z shoppers and strong Aerie performance support outlook despite tariff pressures (Reuters)

LBA Logistics raises $2.2B for LBA Logistics Value Fund X targeting U.S. industrial properties – Fund will pursue value-add logistics investments across major U.S. distribution markets (IREI)

IP Capital Partners launches $250M IPCP Southeast Industrial Fund II targeting industrial properties across the Southeast – Vehicle expected to reach $1B in purchasing power with leverage and JV equity (IREI)

Lending to NYC rent-stabilized apartments plunges 74% since 2019 – Bank retreat and falling property values have left many landlords unable to refinance as distress rises across regulated housing (Bisnow)

Eddie Bauer cancels auction for 174 U.S. retail stores after receiving no bids – Bankrupt retailer will continue store-closing sales, while marketing store leases across the U.S. (Reuters)

United Wholesale Mortgage partners with Bilt to offer rewards on mortgage payments – Program aims to boost borrower engagement, strengthen broker retention and convert renters already using Bilt’s platform into homebuyers (HousingWire)

PulteGroup partners with SitecoreAI to strengthen marketing strategy – Homebuilder adopting AI platform to personalize digital homebuying experience and streamline listings (HousingWire)

There has been a recent shift from traditional SEO toward AI-driven discovery and personalized home search, such as ChatGPT-powered Zillow search and Redfin’s AI Copilot; homebuilder PulteGroup’s Sitecore adoption follows recent AI integrations and will allow more personalized digital homebuying journeys and automated listing marketing.