The recent US elections have brought significant political shifts: the Democrats are taking control of both chambers of Congress and will hold the governorship in at least 27 states, including Texas, Ohio and Georgia. For the property sector, the housing construction and data centre segments in particular are moving into the focus of the regulatory debate.
James Whelan, President of the Real Estate Board of New York, emphasised after the vote that while Washington cannot resolve New York's housing shortage on its own, it can significantly ease financing, approvals and construction. Congress should reward new construction activity, expand capital for affordable housing, dismantle federal obstacles and ensure that enacted programmes are actually funded. Senator-elect James Talarico of Texas expressed similar views, seeking to lower bureaucratic hurdles in housebuilding. California Representative Maxine Waters has already called for 1 trillion $ in housing sector investments to combat homelessness and support low-income homeowners. In addition, the Homes Act proposed by New York Representative Alexandria Ocasio-Cortez, a 30 billion $ bill to acquire distressed residential buildings for permanently affordable housing, is likely to attract renewed attention.
At state level, voters in Florida approved the so-called Amendment 3, which halves the cap on property tax increases, a step likely to carry significant fiscal consequences in a state without income tax. At the same time, voters rejected Robert Rivani's plans for an office development in South Beach, as well as proposals by RCI Marine Group and Suntex Marinas on Virginia Key. In California, the outcome for Proposition 45, which is intended to accelerate planning procedures through relaxed environmental rules, remained undecided for now. Critics view the measure as a gateway for the construction of further data centres.
Mixed quarterly results for residential and retail sectors
At the same time, leading US industry names presented their business figures. Vivmark Residential, a residential REIT newly formed from the merger of AvalonBay Communities and Equity Residential, recorded revenue of 1.19 billion $ and net operating income of 800.76 million $ in its first quarterly report. With an occupancy rate of 95.8 per cent, Vivmark completed two projects comprising 761 new units and holds a project pipeline of 4.4 billion $, while also posting a quarterly loss of 747 million $. Starwood Property Trust reported a 95 per cent slump in profit and a net loss of 389.7 million $. Simon Property Group beat expectations with quarterly revenue of 1.8 billion $, up 13.3 per cent year-on-year, and achieved an occupancy rate of 96.5 per cent.
Growth among asset managers and institutional office owners
Brookfield Asset Management raised 25 billion $ in fresh capital during the reporting quarter, bringing the total raised in 2026 to 123 billion $; revenue rose by 72 per cent to 2.1 billion $. Cushman & Wakefield increased year-on-year revenue from 2.6 to 2.8 billion $ and net profit from 51.4 to 52.1 million $. Michelle MacKay, Global CEO of the company, explained that interest expenses and leverage had been reduced, credit rating upgrades received from Moody's and S&P Global, and that the firm was now entering a phase of greater stability and flexibility with a transformed balance sheet and strengthened free cash flow.
Shopping centre operator Macerich recorded an increased net operating income with an occupancy rate of 94.9 per cent and significantly reduced its quarterly losses. Empire State Realty Trust signed leases for 170,608 square feet of office space, increased its occupancy rate from 89.1 to 91.9 per cent and sold the 1359 Broadway property to Thor Equities for 217.5 million $. Vornado Realty Trust generated funds from operations of 126.6 million $ compared to 114.5 million $ in the prior-year quarter, alongside revenue growth from 453.7 to 467.6 million $.
