Market Corrections, Blackstone Puts $7B Toward Developing Data Centers, and BOA Pays Corporate Fines
December 13, 2023
In this week's Above the Line, Green Street confirms a pivot in the commercial real estate market. Data centers continue to grow as Blackstone makes a $7B move into data centers and we see Bank of America fined for misreporting mortgage data.
Let's dive in.
Green Street: CRE Prices Fell Another 3% But ‘May Well Have Hit Bottom’
Bisnow
U.S. commercial property valuations continue to decline, but signs point to a nearing market bottom. Green Street reports a 3% decrease in November, with a significant 22% fall from its March 2022 peak.
Blackstone, Digital Realty Team Up to Develop $7 Billion in Data Centers
Wall Street Journal
In a significant expansion, Blackstone and Digital Realty join forces to develop $7 billion worth of data centers, targeting major players in online content, cloud services, and AI.
Bank of America Pays $12 Million Fine for Misreporting Mortgage Data
Economic Times Realty
Bank of America faces a $12 million fine, highlighting the importance of accuracy in mortgage data reporting and the consequences of regulatory non-compliance.