commercial property News

Massive Fire at Pennsylvania Aerospace Plant Prompts Evacuations

Schools were closed and residents were ordered to shelter-in-place Tuesday after a large fire broke out at an aerospace manufacturer’s facility in a town north of Philadelphia, officials said. The fire broke out at SPS Technologies in Jenkintown around 9:30 …

Chicago Construction Billionaire Deepens Bet on Data Centers

Clayco, a Chicago-based builder led by billionaire Bob Clark, is positioning itself to grab for more of the boom in data centers. The company is starting a new unit called Clayco Compute to sharpen the focus on data centers and …

Commercial Property Market Stabilizing, With Ample Capacity: USI

The commercial property market is showing signs of stabilization, and buyers with favorable risk profiles will see rate decreases or low-single-digit increases this year, according to USI Insurance Services’ 2025 Commercial Property & Casualty Market Outlook. Accounts with unfavorable loss …

FM Makes Third ‘Resilience Credit’ With $400M for Clients

Eligible commercial property insurance clients of FM will receive a share of $400 million in what the insurer calls a “resilience credit” to be put toward climate mitigation solutions. This is the third resilience credit allocated since FM announced the …

Marsh: US Commercial Insurance Rates Up 3% on Hikes in Casualty

Commercial insurance rates during the third quarter in the U.S. increased 3%, with casualty rates up 10%. According to Marsh’s Global Insurance Market Index — which noted the first decline in global commercial rates since the third quarter 2017 — …

Commercial Property Rate Stabilization Highlights Latest WTW CLIPS

Broker WTW said commercial lines insurance rates increased overall by an average of 5.9% during the second quarter. Quarterly price increases have been around 6% since the end of the global pandemic, WTW reported in its Commercial Lines Insurance Pricing …

Landlords Face a $1.5 Trillion Commercial Real Estate Maturity Wall

Landlords for offices, apartment complexes and other commercial real estate have $1.5 trillion of debt due by the end of next year, and about a quarter of that borrowing could be hard to refinance, according to Jones Lang LaSalle Inc. …

CIAB: Clear Evidence of Softening Commercial P/C Market Conditions in Q2

Commercial property/casualty premium increases in the second quarter 2024 were flat or down from the previous quarter for all lines of business—evidence of a softening insurance market, according to The Council of Insurance Agents & Brokers (CIAB) quarterly survey. Premiums …

FM Global Rebrands As FM

FM Global said it will now be known simply as FM. The commercial property insurer on July 17 unveiled its new name and “titanium” logo at the company’s midyear meeting. “We believe that by uniting our businesses under the FM …

Commercial Real Estate Trouble Evident in Fading Downtown Construction

When Rahm Emanuel ran Chicago and wanted to boast about the health of the city, the then-mayor pointed to the number of construction cranes across the skyline — 60 at the end of 2017. Almost five years after he left …