As warehouse market staggers, Brookfield makes a bold $428 million move
The Toronto-based firm purchased a $428 million portfolio of 53 warehouses located in and around Houston, Dallas, Nashville, and Atlanta—one of the largest property deals of its kind this year. The deal was completed in early July, according to a spokeswoman for the company.
The acquisition comes as the once red-hot warehouse sector cools following a boom in construction. Trade tariffs, meanwhile, are threatening to diminish demand for the goods and materials that warehouses are leased to store and distribute.
Andy Smith, the head of logistics investments at Brookfield in North America, said the purchase focused on properties that are more affordable to rent than the wave of newly built warehouses that have hit the market in recent years.
He said the older buildings will appeal to tenants looking to spend less as tariffs push up the cost of goods and materials, potentially diminishing consumer spending.
"It's put a pause on people taking new space for growth prospects," Smith said of the tariff threats.
"You're not going to pay up for something that you don't need when what you have perfectly gets the job done," Smith said, explaining that some tenants have grown more conservative in the current business environment and less eager to upgrade to more expensive, brand-new warehouse spaces.
The portfolio is 96% occupied, and Smith said Brookfield will seek to increase its average rents from "the mid-single digits" to the "high-single digits" as leases expire and tenants either renew or are replaced by new occupants.
Demand for warehouses has skyrocketed over the last decade as a surge in online shopping led to a mass transfer of goods from stores to storage. A record share of consumer spending, totaling 24.1%, was done online in the first quarter of 2025, according to CBRE, a commercial real estate services firm.
A record 1.45 billion square feet of newly built warehouses were completed from 2022 to 2024, according to JLL, another real estate services firm — leading to an oversupply that pushed the average national vacancy rate up to 7.3% in the first quarter, its highest level in more than a decade.
In April, just as President Trump began to levy foreign goods, sales of warehouse properties plunged by 34% to $4.5 billion during the month, according to MSCI, a real estate data services provider. In May, warehouse deals fell by 26% to $5.2 billion year over year, MSCI reported.
Rob Kossar, the head of JLL's industrial leasing and advisory business in the northeast, said that large corporate warehouse tenants "joined the sidelines" after April's tariff actions, putting warehouse leasing decisions on hold.
More recently, he's seen signs of a rebound, he said.
Kossar said that six warehouse leases had been signed in the past month in New Jersey, totaling about 2.2 million square feet.
"The demand has had a significant uptick over the last month, and we hope that that continues," Kossar said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
32 minutes ago
- Miami Herald
This is the rare bright spot in a tough Hollywood job market
LOS ANGELES - Toni Gray's phone is blowing up these days. The head of production at Dhar Mann Studios, which makes shows for YouTube and other online platforms, said entertainment industry friends in Los Angeles had once held out before seeking work in the digital realm. But now, with jobs few and far between at the legacy studios, they are reaching out "all the time" looking for opportunities at the Burbank-based studio, known for posting family-friendly dramas addressing topics like bullying. Seeing some of her peers now flock to be a part of production companies built for distribution on YouTube and other online platforms is exciting for Gray, who worked in traditional television for more than a decade and joined Dhar Mann Studios in February. "It's giving people hope that they can get back to work again," she said. "And it's not just monetary hope for their house and their kids. It actually is giving their own being life again to bring their creative element." In Hollywood's TV and film industries, droves of workers are competing for jobs at a time when many companies are consolidating and laying off hundreds of people at a time. But one segment of the entertainment industry has emerged as a bright spot - the economy made up of people creating video for YouTube and social media. That part of the industry, once dominated by amateurs making funny viral videos with smartphones has blossomed into a formidable entertainment force, where video creators are setting up real businesses with large studios in Southern California funded through advertising by major brands. Dhar Mann Studios plans to add 15 positions to its staff of about 75 full-time employees. In Sherman Oaks, Pave Studios, which produces wellness- and true-crime-related shows, is adding 16 full-time workers to its staff of 67 contractors and employees. Nationwide, there were more than 490,000 jobs supported by YouTube's creative ecosystem last year, according to the Google-owned video platform, citing data from Oxford Economics. That's roughly 60,000 more jobs than in 2023, YouTube said. "It's beginning to mature into creators really building businesses," said Thomas Kim, YouTube's director of product management for creator monetization. "We see more and more of that, and that also means that the number of employees and help that they need to sustain their business has grown over time." Sean Atkins, chief executive of Dhar Mann Studios, called it a big growth opportunity in the market. YouTube is a major player in streaming, representing 12.5% of U.S. TV viewing in May, according to Nielsen, more than streaming services including Netflix and Amazon Prime Video. "Everything is so new and nascent," said Atkins, a former president at MTV. "I imagine, particularly when you walk around our studio ... that this is what it looked like in the '20s when MGM and Disney and Warner [Bros.] were [founded]. Just this enthusiastic chaos where everyone's trying to figure out what this environment is." The growth in Southern California influencer businesses is a boon to the local production economy that is otherwise struggling. L.A. County saw a 27% decline to 108,564 employees from 2022 to 2024 in the motion picture and sound recording industries, according to data from the U.S. Bureau of Labor Statistics. Many Hollywood workers have struggled to find roles, as studios cut down on their programming after the 2023 actor and writer strikes and after overspending during the streaming wars. For years, productions have fled the area to take advantage of lucrative financial incentives out of state and abroad. Production in L.A. County also took a hit following devastating wildfires in January. Meanwhile, the amount of employment in the creator economy is trending up, according to the Los Angeles County Economic Development Corp. Total workers in the L.A. County creator economy, composed of businesses such as media streaming distribution services and social networks, as well as independent artists, writers and performers, increased 5% to 70,012 from 2022 to 2024, LAEDC said. Companies in the creator economy space also increased 5% to 46,425 businesses during the same time period, according to LAEDC. The bleak job market has caused more people who have worked in traditional studio and TV networks to apply for jobs at digital media companies that produce content for platforms such as YouTube or work with influencers who are growing their staffs. The migration reflects changing realities in the business. Consumers' habits have shifted, where more people are watching YouTube on TV screens these days instead of on smartphones in the U.S., eating into territory held by broadcast and cable television. Video creators have adapted, building production teams and expanding into podcasts, merchandise and sometimes scoring streaming deals. For example, one of YouTube's top creators, Jimmy Donaldson, known as MrBeast, has a reality competition show on Amazon Prime Video, sells products such as Feastables chocolates and has brand partnerships and sponsorships. His North Carolina holding company, Beast Industries, employs more than 500 people. Kyle Hjelmeseth, chief executive of talent representation firm G&B Digital Management, said he is receiving more calls from people coming with traditional media backgrounds seeking collaborations with influencers. "Five years ago, it would have been very different," he said. "Anytime that somebody from Hollywood or the entertainment complex talked about creators, it was with such a different lens ... a little bit like nose in the air." His company, which has 25 contractors, part-time and full time employees, added four people last month with plans to hire more. "All the pressures of what's happening in Hollywood and the growth of the creator economy [are] crashing into each other in this moment, and that's why we're having a conversation about jobs, because there's such a shift in the energy, and we're certainly feeling it," he said. Pave Studios launched last year with fewer than 10 employees and now has grown to 67 contractors and employees. Part of that growth is fueled by the increasing audience for its videos and podcasts available on platforms including YouTube, Spotify and Apple Podcasts. The company is hiring for roles including executive producers, with a pay range of $95,000 to $145,000, depending on the show, said founder Max Cutler. "As we grow and as the business becomes more complicated, you need more specialists and more people," Cutler said. "Video is definitely a leading growth area for us." Jen Passovoy joined Pave Studios in January as a producer, after working for 10 years at Paramount on competition series such as "RuPaul's Drag Race" and "Ink Master." "Coming from a traditional TV background, I was drawn to how nimble and audience-focused the company is," Passovoy said in an email. "There's less red tape and more room to actually create. You get the energy of a startup with the same high-quality content you'd expect from a major studio." Passovoy, 34, said the job market for traditional studio and TV network workers is really tough right now. "I know more people out of work right now than working, which says a lot," she said. "The traditional TV model just doesn't exist in the same way anymore. Budgets are shrinking and the jobs that used to be steady aren't there. There have been so many layoffs across the industry, and it's forced a lot of incredibly talented people to rethink how and where they create." Skills that people develop in traditional studio and TV roles can translate to digital-first roles, including video editors for influencers and digital media companies, industry observers said. The creator economy also has more specialized roles, such as thumbnail designers - people who create the images used to tease videos on sites including YouTube. Those jobs can pay six figures annually, as they can be instrumental for getting audiences to click on those videos. Roster, a hiring platform that lists job postings in the creator space, said the number of employers signing up to hire on the site has increased by nearly 80% from January to June 2025. Based on a sampling of 1,430 creator job posts in 2025, Roster said the most popular open position was video editor (representing 42.5%), followed by thumbnail designer (16.1%) and producer (10.6%). There are downsides. Not all jobs are full-time. Many creators opt to hire freelancers. "Their production needs need to expand and shrink like an accordion," said Sherry Wong, CEO of Roster. "That's why we see a lot of creators, even if they're really big established creators, they are hiring freelancers, contractors, and being able to keep it as lean as possible." With so many people looking for work, there's intense competition for those jobs, and the ways to apply can be creative and involved. Miami-based creator Jenny Hoyos found freelancers through a hiring challenge she hosted on Roster. Applicants were given 10 minutes of raw video footage and instructed to edit it down to a video short, roughly 30 to 60 seconds long. Hoyos, 20, requested that applicants create a final product that was engaging, cohesive and matched her specific style. She received more than 100 submissions. While there were strong contenders from California, the winners ended up being from Brazil and India. They became her two go-to freelancers, who she said are essentially working an amount equivalent to full-time editors. This method of seeking talent was Hoyos' way of making sure the people she brought on to her team were willing to go the extra mile, she said. Those hoping to break into the digital media world don't necessarily have to have grown up with YouTube and social media like she did, but they do have to "commit to being addicted to watching" content, she said. Not everyone who works for YouTube creators gets paid. Screenwriter Natalie Badillo isn't earning a salary while she tries to build up an audience on YouTube. Badillo, who sold a self-titled project to HBO Max a few years ago, said she was looking for a way to "not wait 8 billion years for a TV show to get picked up," and creating a YouTube channel,"Great Job Nat," was a way to get her material out into the world. "Why wait for somebody to throw you a party when you can just throw your own party?" she said. Badillo draws on her connections with folks from the traditional film and TV world to produce the YouTube videos. While the channel is getting up and running, collaborators work for low pay or simply for the fun of it and to gain experience. Still, her ambitions are big. "I want to be the Jon Stewart of the West," she said. The pay disparities can be an issue for people from traditional media industries looking for jobs. While some programs featuring influencers and vertical excerpts of TV shows and movies are covered by union agreements, other projects don't have those protections. "With temporary hiring, it's like everything else in Hollywood - you either need to have another job that balances things out or you need to get to a critical mass of enough work on enough different projects," said Kevin Klowden, executive director at Milken Institute Finance. "The number of sustainable Hollywood jobs has shrunk." But as the two worlds collide, traditional media companies are already paying attention to the popularity of creator shows and are trying to find ways to partner with influencers. Amazon earlier this year announced more seasons of MrBeast's reality competition series "Beast Games," and digital media companies are adding people with traditional media backgrounds to their staffs. "It's still a lot more tiptoeing," Hjelmeseth said. "Everybody's kind of like looking at each other from across the room, like, 'Should we dance?'" Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Bloomberg
44 minutes ago
- Bloomberg
South Korea to Set Up FX Reform Panel With Offshore Banks
South Korea will form a panel for regular discussions with offshore banks to improve its foreign exchange market, another step to address key hurdles in its bid to join a major developed-market stock index. 'We had a call this afternoon with the five leading registered offshore foreign institutions,' said Jung Yeu Jin, director of the foreign exchange market division at the finance ministry on Tuesday. 'The channel will be used to gather opinions from foreign investors, and in particular, we plan to actively listen to voices related to the MSCI index inclusion issue.'
Business Wire
an hour ago
- Business Wire
Meet the New Nextdoor
TORONTO--(BUSINESS WIRE)-- Nextdoor Holdings, Inc. (NYSE: KIND), the essential neighbourhood network, today released the new Nextdoor, the most consequential redesign of its core product to date. Focused on three fundamental neighbourhood needs—Alerts, News, and Faves—the new Nextdoor experience is more useful, more helpful, and more timely, meeting the evolving needs of neighbours everywhere. We're also excited to introduce advertising in Canada for the first time, offering businesses of all sizes the opportunity to connect with local communities. As part of the new experience, Nextdoor has deepened its investment in Canadian communities by partnering with local publishers, safety agencies, and real-time crisis detection providers to offer neighbours a smarter, more meaningful connection to the place they call home. Nextdoor has helped more than 100 million neighbours stay connected to what matters most in their local communities. With the shift towards remote and hybrid work, people are spending more time in their neighbourhoods where local connections—whether with neighbours, services, or businesses—play an increasingly important role in daily life. 'Nextdoor has become an essential part of daily life in Canadian communities, and this next chapter makes it even more vital,' said Christopher Doyle, Managing Director of Nextdoor Canada. 'With real-time, hyperlocal alerts and trusted local news now integrated directly into the app, we're helping Canadians stay informed, connected, and ready for whatever's happening in their neighbourhoods.' It's a new day for Nextdoor, marked by a refreshed brand identity that is grounded in clarity, utility, and putting neighbours first. At the heart is the return of the iconic stylized home logo, which reflects Nextdoor's core mission: to make every neighbourhood feel like home. Alerts, News, and Faves make Nextdoor more useful, helpful, and timely on a daily basis: Alerts: Real-time alerts to stay safe and prepared Neighbours have long turned to Nextdoor in moments of crisis. With Alerts, the product goes further to deliver real-time updates on everything from daily weather and traffic to critical moments like power outages, severe storms, and wildfires. Alert notifications appear on a dynamic neighbourhood map to support timely conversations between neighbours and public agency partners. Powered by trusted sources such as Edmonton-based Samdesk and which includes The Weather Channel app and Alerts reinforce Nextdoor's role as a reliable and vital lifeline during emergencies. A recent survey by the Angus Reid Forum found that 86% of Canadians think it's important to receive urgent, timely updates about issues in their neighbourhood, with 91% stating it is especially important to receive alerts about natural disasters. With almost 1 in 4 Canadians reporting being affected by extreme weather events over the past year, it is clear that Canadians need a hyper-local alert system they can trust and act on. 'Timely, accurate information saves lives, especially during emergencies. That's why we're proud to power Nextdoor's new alert system in Canada,' said James Neufeld, founder and CEO of Samdesk. 'From wildfires in British Columbia to sudden flash floods in Ontario, our real-time intelligence helps neighbours stay safe, informed, and ready to respond.' Local news has long had a place on Nextdoor, with neighbours regularly sharing and discussing the day's events. With local journalism facing cuts across the country, Canadians are increasingly turning to new digital spaces for trusted information. Now, with News, relevant stories from local, vetted publishers appear regularly and directly in the feed, tailored to a neighbour's location. Whether it's a new proposed bike lane, a local restaurant opening, or the latest trends on housing in Canada, News makes it easier for neighbours to join the conversation. Trusted outlets like Torstar, Narcity, Ottawa Business Journal, The Green Line, and many more are now reaching neighbours directly through the platform, bringing community-focused journalism to neighbourhoods everywhere. 'At Torstar, our mission has always been to inform and empower the communities we serve. Joining Nextdoor allows us to meet readers where they are, right in their neighbourhoods,' said Angus Frame, President of Torstar Corporation. 'In a time when access to credible local journalism is more important than ever, we're proud to be part of a platform that brings trusted reporting directly into the everyday conversations Canadians are already having.' Recommendations, which include requests for advice and offers of local services, have always been core to Nextdoor, driving 30% of all neighbour posts and fueling real-world decisions. Faves brings that experience to the next level, using AI technology to distill insights from nearly six years of neighbourhood conversations about beloved Canadian gems. With Faves, neighbours will be able to ask a question like, 'What is the best place to hike with kids?' and receive a quick, summarized response, just like asking a knowledgeable local. Faves will make it easier for neighbours to discover and share the best of their community, like local services, local businesses, and places to explore. Faves is launching first in select U.S. markets, with plans underway for a broader rollout in Canada at a later stage. Businesses can now advertise on Nextdoor Canada Now, for the first time in Canada, businesses of all sizes—from local shops to national brands—can advertise on Nextdoor through the newly launched Nextdoor Ads Manager. This platform enables advertisers to reach Nextdoor's uniquely engaged audience of real, verified neighbours, delivering local relevance at a national scale. Early campaigns are already showing strong traction from both local SMBs and enterprise advertisers eager to connect directly with high-intent consumers in the communities they serve. To support local businesses, Nextdoor has also introduced new tools designed to make it easier to engage with their most valuable customers—their neighbours. This includes a self-serve platform with AI-powered features that help businesses easily create the perfect ad in just a few simple steps, as well as advanced targeting options to ensure they reach the right customers with the right message. The new Nextdoor is available today on the Apple App Store, the Google Play Store and at Nextdoor neighbours are encouraged to update their apps to ensure they are using the latest version. For media assets, visit or contact press@ About Nextdoor: Nextdoor is the essential neighbourhood network for over 100 million neighbours, offering trusted local news, real-time safety alerts, neighbour recommendations, for sale and free listings, and events. Nextdoor connects neighbours to the conversations and local gems that matter most in their local communities. Businesses, publishers, and public agencies use Nextdoor to engage with neighbours at scale. Safe Harbor Statement This press release contains forward-looking statements regarding our future business expectations. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, as more fully detailed under the caption 'Risk Factors' in our Quarterly Report on Form 10-Q for the three months ended March 31, 2025, filed with the Securities and Exchange Commission ('SEC') on May 7, 2025, and our other SEC filings, which are available on the Investor Relations page of our website at and on the SEC's website at All forward-looking statements contained herein are based on information available to us as of the date hereof and you should not rely upon forward-looking statements as predictions of future events. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this press release or to conform these statements to actual results or revised expectations, except as required by law. Undue reliance should not be placed on the forward-looking statements in this press release.
