1221 6th

10 Must Reads for the CRE Industry Today (November 7, 2017)

Commercial property insurance rates are expected to rise next year, according to Reuters. Rockefeller Plaza is set to see its biggest transformation since it opened in 1969, reports the New York Post. These are among today’s top must reads from around the commercial real estate industry.

  1. North American Commercial Property Insurance Rates Seen Rising Sharply in 2018 “North American commercial property insurance rates could rise by as much as 25 percent during 2018 for properties that suffered catastrophe losses this year, according to a report on Monday by insurance brokerage Willis Towers Watson.” (Reuters)
  2. Rockefeller Plaza Set to Undergo Sweeping Transformation “The indoor-outdoor plaza of Rockefeller Group’s 1221 Sixth Ave. is poised to undergo the most sweeping transformation since the former McGraw-Hill tower between West 48th and 49th streets opened in 1969.” (New York Post)
  3. The Latest Office Trend Pitched at Millennials—Nap Rooms “Open floor plans, high ceilings and pingpong tables. All are common features of the contemporary workplace as employers strive to create an environment that is collaborative, spacious and fun. But an influential group of landlords believe today’s employees—namely millennials—are increasingly concerned with a more fundamental aspect of their work life: its impact on their physical and mental well-being.” (Crain’s New York Business)
  4. Head of U.S. Government Financial Agency to Resign “The head of a U.S. government agency created to monitor financial markets after the 2007-2009 financial crisis will resign from the post at the end of this year.” (Reuters)
  5. Commentary: Retailers Should Be Worried About Walmart This Holiday SeasonWalmart sure seems excited for the holidays. Last week, it announced that its 4,700 stores would host 20,000 holiday parties this season, allowing customers to take pictures with Santa, see product demonstrations, and get gift ideas. The parties will not only be experiential, but also functional, as customers can try out curbside pickup, mobile payment, and get first look at a host of new brands showcased just for the holiday season. Other retailers should sit up and take note.” (Fortune)
  6. The Trump Fed: New Faces, But Less Experience And So Bigger Chances for a Market Disruption “The Federal Reserve will not only lose its three top-ranking officials in the months ahead but also the more than three decades of experience they brought to policymaking.” (CNBC)
  7. Shocking Arrest of Saudi Prince Complicates Plaza Sale “As if the intrigue-ridden struggle to sell the Plaza Hotel needed more drama, the shocking arrest of minority partner Prince Alwaleed bin Talal in Saudi Arabia came just as the iconic hotel’s India-based majority owner seemed close to choosing a buyer.” (New York Post)
  8. The Rise of the Individual Investor Class “Historically, individuals—more colloquially referred to as “friends and family” or the “country club” investor—have always been the on-ramp investor profile for many property developers-operators. These investors were generally relegated to the smaller investments presented to them by people they knew in the real estate business, or real estate investment trusts available in the public markets.” (Commercial Observer)
  9. Economy Watch: Online Sales to See Holiday Season Spike “Online sales will total $107.4 billion this holiday season, an increase of 13.8 percent from last year, while in-store retail is expected to grow 10 percent during the holidays, according to Adobe, which released a report Nov. 6. Cyber Monday is expected to become the largest online shopping day in history, generating $6.6 billion in sales, or 16.5 percent growth compared to last year.” (Commercial Property Executive)
  10. Extell Sells East Side Site to Chinese Developer for $75M “China Overseas Land & Investment, the developer behind what will be Jersey City’s tallest skyscraper, bought a development site from Extell Development on the East Side of Manhattan for about $75 million, sources told The Real Deal.” (The Real Deal)
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