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10 Must reads for the CRE Industry (February 7, 2019)

Even many affluent Americans are starting to have trouble affording homeownership in ultra-expensive markets, reports MarketWatch. Forbes looks at 10 commercial real estate products that can help your business. These are among today’s must reads from around the commercial real estate industry.

  1. Most Economists Say Second Shutdown Would Hurt Growth “Economists say a fresh government shutdown would take a toll on U.S. economic growth as well as business and consumer sentiment, as a deadline to reach a deal over border-wall funding approaches next week Most of the private-sector economic forecasters, 58.9%, surveyed in recent days by The Wall Street Journal said another shutdown would have “somewhat” of an impact on economic growth, while 16.1% said it would have a significant impact.     ‘A second shutdown would severely erode consumer and business confidence,’ said Thomas Kevin Swift, chief economist at the American Chemistry Council, in remarks echoed by other forecasters.” (Wall Street Journal, subscription required)
  2. The Depressing Reason Rich People Are Now the Fastest Growing Segment of Renters “Even the rich gotta rent. The affluent are increasingly renting, according to multiple studies. Indeed, renters earning $150,000 or more per year were the fastest-growing group of renters, according to a recent study by apartment listing site RentCafe.com, which analyzed pricing and demographic data from the U.S. Census, real estate listing sites Redfin and PropertyShark, and apartment real estate research firm Yardi Matrix.” (MarketWatch)
  3. Economist Give Jerome Power a Grade of B-Minus on His Performance “A year into Federal Reserve Chairman Jerome Powell’s term, private-sector economists say he isn’t performing quite as well as his two predecessors but is roughly on par with former central-bank chief Alan Greenspan. Asked to grade the performance of each of the past four Fed chairs, economists surveyed this month by The Wall Street Journal assigned an average score of B-minus to Mr. Powell. Previous chairs Janet Yellen (2014-18) and Ben Bernanke (2006-14) each received B-pluses. Mr. Greenspan (1987-2006) also earned a B-minus from the economists.” (Wall Street Journal, subscription required)
  4. Downtown L.A. Developer Donated $50,000 Before Pivotal Vote Involving High-Rise Project, Records Show “A real estate company seeking to raze a portion of the former Los Angeles Times headquarters and replace it with two high-rise towers gave $50,000 to a campaign committee with ties to Councilman Jose Huizar two months before a crucial vote on the property, according to recently filed contribution records. Onni Contracting (California) Inc., part of the group of companies that bought the downtown property in 2016, made the donation to Families for a Better Los Angeles. The committee held at least two fundraisers featuring Huizar last year.” (Los Angeles Times)
  5. 10 Commercial Real Estate Systems That Can Help Your Business “In recent years, new and evolving technologies have impacted the way nearly every industry operates. This is especially true of real estate, where tech has revolutionized everything from property listing databases to signing contracts. The members of Forbes Real Estate Council have seen a lot of disruptive commercial real estate solutions emerge during their careers, and many of them have leveraged these new products and methods to improve their business.” (Forbes)
  6. International Investor Raises its Stake in Plane’s $3 Billion Legacy West “The institutional investor that has backed Plano's $3 billion Legacy West development has upped its stake in the project. Atlanta-based Invesco Real Estate since day one has been the lead equity player in the hugely successful mixed-use project in West Plano. Recently Invesco acquired a larger share in the ownership of the Legacy West project from developers Fehmi Karahan and Robert Shaw.” (Dallas Morning News)
  7. Lehigh Valley Among Top Emerging Industrial Markets “With the national industrial market experiencing its longest growth mode ever—positive absorption for 35 consecutive quarters—a handful of rising stars have emerged, including Lehigh Valley. The market, located in northeast Pennsylvania, has taken a spot on Colliers International’s 10 emerging U.S. industrial markets to watch in 2019. Lehigh Valley’s designation as an emerging U.S. industrial market for the second year came as no surprise to the real estate services firm’s local experts.” (Commercial Property Executive)
  8. ‘Marijuana War’ Pits Struggling City Against Wealthier Neighbors in San Gabriel Valley “It’s part of a larger debate going on in communities in California and other states that have legalized marijuana, where some struggling cities are trying to lure pot businesses to help increase jobs and boost sagging tax revenue. The conflict also has underscored the economic imbalance between El Monte, a perennially strapped city where the median household income is $43,500, and nearby cities like Arcadia and Temple City, where many households make twice that. El Monte must look to industries outside ‘the mainstream’ to bring investment and jobs, Quintero said, industries his city’s wealthier neighbors can afford to snub.” (Los Angeles Times)
  9. Fourth Amazon Go Store Opens in Chicago “Amazon opened its fourth automated check-out store in Chicago on Tuesday. The new Amazon Go store is located at 111 E. Wacker Dr. at the Illinois Center in the city's Loop, the online retail giant said in a statement. The opening came a little over four months after Amazon debuted its first concept store in Chicago - which was also its first outside Seattle where the company is headquartered.” (NBC Chicago)
  10. How Mobility Shifts Shape CRE “From ancient times, transportation has shaped urban areas. One of the common locations for a city is where a river meets the ocean or the most-inland navigable point on a major river. Or think of the car-centric suburbs that flourished after World War II. The next revolution along these lines is already underway, according to Cushman & Wakefield, which just released Mobility Shifts in Commercial Real Estate: Implications of Ridesharing, Autonomous Vehicles, Micro-Mobility and Electric Vehicles, the third part of its Tech Disruptor reports series.” (Commercial Property Executive)
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