Real estate · Industry brief

Developers in New York are strategically registering new buildings for the state's 485-x property tax break program at exactly 99 units to circumvent higher affordability and wage requirements that trigger at 100 units. According to Latent Urban Ventures, 49 projects have registered at precisely 99 units across April and October releases, with the October 14 filing adding 20 such projects and zero registrations between 100-104 units. Department of Buildings records as of September 20 show 112 unregistered projects similarly planned at exactly 99 units, indicating the pattern precedes official registration and reflects strategic regulation avoidance within the commercial real estate development process.

Cross-border M&A transactions in Italy in 2026 continue to attract foreign investors and private equity, with successful deals requiring early attention to merger control filings under the Autorità Garante della Concorrenza e del Mercato (AGCM) and Italy's Golden Power foreign investment screening regime coordinated by the Presidency of the Council of Ministers. The Golden Power perimeter has broadened to capture critical technologies and strategic infrastructure across defence, energy, transport and communications sectors, and notifications are treated as firm conditions precedent that shape deal timelines. Key filings assessment must confirm whether AGCM merger control (with thresholds updated annually and published by AGCM guidance) or EU Merger Regulation applies, alongside sectoral regulator approvals in energy, telecoms and banking, with mid-market deals typically running four to six months from Letter of Intent to closing when diligence, documentation and regulatory workstreams run in parallel.

The Competition Bureau reached a consent agreement with the Quebec Professional Association of Real Estate Brokers (QPAREB) and Société Centris on October 15, 2026, addressing abuse of dominance violations under the Competition Act. QPAREB had restricted access to real estate data feeds and their use among members; the settlement requires QPAREB to provide members with comprehensive data including sale prices, listing history, and property characteristics. The Bureau found these restrictions impeded innovation and limited competition in real estate brokerage services. This agreement follows the Competition Tribunal's 2016 Toronto Real Estate Board decision, which established the importance of data access in promoting competition; most major Canadian real estate associations subsequently adjusted their data practices. Source: Competition Bureau press release.

1031 exchange transaction volume increased 12.4% year over year in the first half of 2026, with average relinquished-property values rising 13.5% and replacement-property values up 10.1%, according to data from Accruit's network of qualified intermediaries. CBRE's 2026 U.S. Real Estate Market Outlook forecasts a 16% increase in commercial real estate investment volume for the year. The recovery reflects renewed market activity following years of higher borrowing costs, though the 45-day identification period under Section 1031 remains unchanged, creating pressure for rapid replacement-property selection in an accelerating market. The article cites IRS Revenue Procedure 2002-22 and IRS Publication 544 as guidance on tenancy-in-common structures and like-kind property standards, noting that professionally managed farmland and fractional real estate interests in TIC arrangements can qualify as replacement property depending on ownership structure, with partnership interests generally excluded from Section 1031 treatment.