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10 Must Reads for the CRE Industry Today (September 29, 2017)

Republicans already are facing hurdles after announcing their tax plan, according to the Wall Street Journal. SF Weekly reports that many non-profits responsible for low-income housing in San Francisco are run by real estate developers. These are among today’s must reads for the commercial real estate industry.

  1. Republican Tax Plan Quickly Hits First Hurdle “A day after announcing their ambitious tax plan, Republicans debated scaling back one of their largest and most controversial proposals to pay for lower tax rates: repeal of the individual deduction for state and local taxes.” (The Wall Street Journal, subscription required)
  2. Real Estate Execs Disrupt Nonprofit Housing “It’s not well-known, but many of the nonprofits responsible for housing thousands of low-income San Franciscans and managing millions of dollars in public funding are run by people involved in real estate development, raising the question of whether, for example, an executive from Wells Fargo should be making decisions that affect some of the city’s most vulnerable residents.” (SF Weekly)
  3. Ikea Acquires TaskRabbit “Home furnishing company Ikea Group has purchased TaskRabbit, a company that connects freelance workers with clients in need of services like furniture assembly, moving or handyman work.” (MarketWatch)
  4. Identify the Forces Favoring Single-Family Rentals for Best Results “There's no mystery why investments in rentals have been popular and profitable since the recession. Before the big crash, millions of homes were built for people who couldn't actually afford to pay for them (sub-prime mortgage securities - thanks a lot Wall Street). Once foreclosures had cleared out the owners, a lot of these were sitting around empty just as the recession boosted the number of people who needed to rent.” (Forbes)
  5. ‘Amazon Effect’ Leads Investors to Sour on Global Retail “Amazon.com Inc.’s expanding reach is prompting investors to dump shares of retailers far from the U.S.” (The Wall Street Journal, subscription required)
  6. Penthouse for Your Porsche: This Luxe Miami High-Rise Comes with a Car Elevator So You Can Drive Right into Your Living Room “A new skyscraper in the Miami skyline is a Porsche lover's nirvana. It's called the Porsche Design Tower and every inch of this Sunny Isles Beach high-rise is inspired by the sleek German sports car.” (CNBC)
  7. Real Estate Got Its Own Sector. What Happened Next Shouldn't Surprise You. “A month after its debut, however, real estate trailed both its former financials home and the broader S&P 500 index. A year later? That lag is even more pronounced.” (TheStreet)
  8. Party Goods Retailer Bolsters Halloween Store Fleet “Party City is getting ready for the Halloween rush. The party goods retailer plans to open up more than 270 Halloween City pop-up stores during its make-or-break season.” (Chain Store Age)
  9. Siemens Pumps $20M in Chicago R&D Hub “Siemens is going to invest more than $20 million each year to establish its research and development hub in Chicago.” (Commercial Property Executive)
  10. Survey: Most Shoppers Will Visit Stores This Holiday Season “Unfazed by store closures, shoppers plan to get most of their holiday shopping done in-store this year. Nearly three-quarters of consumers (71%) plan to do the majority of their holiday shopping in physical stores — the same percentage from a similar poll a year ago.” (Chain Store Age)
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