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10 Must Reads for the CRE Industry Today (January 4, 2018)

Minutes from the Federal Reserve meeting in December show a lack of unity among officials over the rate hike projection for 2018, MarketWatch reports. More than 80 percent of renters say an on-site fitness center is a key amenity in buildings, but 42 percent say they rarely or never use one, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Fed Minutes Show a Divide Over Its Own Forecast of 3 Rate Hikes This Year “The Federal Reserve in December forecast three rate hikes in 2018 but minutes of that central bank meeting released Wednesday show a distinct lack of unity with the projection.” (MarketWatch)
  2. Renters Love the Gym—But Only in Theory “Resolving to get more exercise in 2018? Recent research suggests that’s probably not going to happen. In a survey of renter preferences across the U.S., 82% of renters say an on-site fitness center is an important building amenity, with 55% saying they wouldn’t rent in a property without one. Yet 42% of the respondents say they rarely or never use their fitness center—a significant gap between people’s exercise ambitions and their follow-through.” (Wall Street Journal, subscription required)
  3. Dick’s Sporting Goods Could Be a ‘Survivor’ Like Best Buy: Wells Fargo “The sporting goods sector in retail isn't shaping up to be all doom and gloom in 2018, despite some nasty headlines last year. Wells Fargo on Wednesday upgraded Dick's Sporting Goods to outperform, also raising the firm's price target on shares to $35 apiece, up from $26. The stock closed Tuesday at $29.49, having fallen about 43 percent over the past 12 months.” (CNBC)
  4. Construction Spending Throttles Past Expectations in November, Led by Residential Building “The monthly gain was led by the private sector, where spending was up 1.0%. Construction outlays in the public sector were up only 0.2% for the month.” (MarketWatch)
  5. Judge OKs Sale of Huge Housing Complex Part-Owned by Trump “A judge has given a green light to the $905 million sale of the massive Starrett City housing complex in Brooklyn that is part-owned by President Trump after overruling objections by investors claiming the price was too low.” (New York Post)
  6. Macy’s Reports Stronger Holiday Sales, But Not Enough to Ward Off Dismal 2017 “Macy's said it had a "strong" holiday season thanks to fresher products and a renewed focus on its customer, but sales for the full-year are still expected to post a steep decline.” (CNBC)
  7. You Got Priced Out of ... Philadelphia? The Spread of Hot Housing Markets “The gentrification of the Fishtown neighborhood here looks like something city planners dream of, with developers renovating old row houses as young professionals, along with new restaurants and businesses, pile in. But home prices have shot up so quickly in recent years that the latest wave of young professionals say they are having a hard time making the finances work.” (Wall Street Journal, subscription required)
  8. How Major Real Estate Developers Are Experimenting With Co-Living “In the last decade, coworking has proven itself to be more than just a trend. It has dramatically changed the way many of us work today and reframed notions of how an office should look. And then came co-living.” (Forbes)
  9. Startup Targeting Online Shopping Returns Moves Into Old Radio City Ticket Booth “A small but storied sliver of retail space under Rockefeller Center will get a new life on Wednesday after being shuttered for nearly a half-century.” (New York Post)
  10. Cuomo Calls for Red Hook Container Terminal to Move “The governor wants to look into moving the Red Hook Container Terminal to Sunset Park, redeveloping its existing site and creating a new subway link to the long-cutoff neighborhood.” (Crain’s New York Business, subscription required)
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