- Treasury Expects to Issue Over $1 Trillion in Debt in 2018 “The U.S. Treasury Department estimates it will issue more than $1 trillion in debt this year as higher government spending and stagnant tax revenues push the deficit higher. The Treasury said Monday it expects net marketable debt to total $425 billion in the fourth quarter, which would bring total debt issuance in 2018 to $1.338 trillion, compared with $546 billion in 2017. That would be the highest annual debt issuance since $1.586 trillion in 2010, when the U.S. economy was still crawling out of a recession.” (Wall Street Journal, subscription required)
- Alphabet Eyes 1.3-M-Square-Foot Workplace “There’s no slowing Alphabet’s insatiable thirst for space in Manhattan. We’re told that the Google parent has its eye on St. John’s Terminal, the 1.3-million-square-foot digital workplace that Oxford Properties Group is crafting at the two-block-long Industrial Age edifice at 550 Washington St. Alphabet owns both the Chelsea Market building and the massive 111 Eighth Ave. It is also leasing space at 75 Ninth Ave.” (New York Post)
- Zell: I Would Skip Chicago for Amazon HQ2 “Chicago has the universities, the international airport and the talent pool that Amazon needs for its second headquarters, says real estate tycoon Sam Zell, but he thinks the tech juggernaut would be wise to pass up the troubled city. ‘On a pure competitive basis, Chicago is far and away the No. 1 place that Amazon should pick for their second headquarters—major international airport, major universities, talent, etc.—and yet if I were Amazon, that’d be the last place I’d consider because you’re taking on, excuse the expression, pre-existing conditions,’ Zell said at an investors conference last week in Chicago.” (Crain’s Chicago Business)
- Five Below Opening its First Manhattan Location on Nov. 2 “Five Below, the teen and tween value retailer, is opening its first Manhattan location on November 2. The Fifth Avenue store, at about 11,000 square feet, will be bigger than the average 8,000-square-foot location. The company already has more than 30 stores in New York's other boroughs and suburbs. Five Below shares have soared about 100% over the past year, while the S&P 500 index, has gained 2.2% for the period.” (MarketWatch)
- Pittsburgh Is Now the Best City for Job Seekers “Unemployment rates are at their lowest point since the Nixon administration, and hiring experts say now’s the time for would-be workers to hop back into the job hunt. But where should they be looking? A recent study by the careers website Glassdoor said Pittsburgh, St. Louis, Indianapolis, Cincinnati and Hartford, Conn., are the best cities for jobs this year. The report scored the cities by weighing the ease of landing a job, affordability and job satisfaction.” (MarketWatch)
- Baby Boomers Are Living at Home. That’s Bad News for Senior Housing Developers “It seemed one of the surest bets in real estate: build senior-housing facilities that cater to aging baby boomers who will require more care. The problem is, boomers haven’t much cooperated. The supply of senior housing has soared in recent years after many investors struck on the same idea.” (Wall Street Journal, subscription required)
- The World’s First Humanless Warehouse Is Run Only by Robots and Is a Model for the Future “At a recent technology show in Tokyo, a large robot arm reached into a full-sized mockup of a shipping container and began unloading boxes from it. Set on a platform that moved back and forth, the robot was doing a job usually carried out by warehouse workers and forklift operators. The goal of the company that's developing it, Mujin, is total automation.” (CNBC)
- Two More Office Buildings on the Way in Booming Cypress Waters Project “Developers of the hugely successful Cypress Waters development northwest of Dallas are working on plans for two more office buildings. The planned office projects would be the next phase in the 1,000-acre mixed-use development on LBJ Freeway at Belt Line Road. Cypress Waters developer Billingsley Co. has filed plans with the city for two, new 5-story office buildings plus a parking garage and townhomes on almost 10 acres at Olympus Boulevard and Rombauer Road.” (Dallas Morning News)
- Will This Be CRE Lenders’ New Best Friend? “Commercial real estate lenders could be getting a shot in the arm at just the right time. Low-income communities across the country are set to benefit from a new federal rule designed to encourage economic development. Tax benefits will accrue to investors who put money into projects located in thousands of districts designated as Opportunity Zones. That in turn could stimulate more construction lending at a time when overall CRE lending has stagnated.” (American Banker)
- Architecture Billings Index Dips in September “According to a new report released by the American Institute of Architects, architecture firm billings growth slowed in September 2018 but remained positive for the twelfth consecutive month. AIA's Architecture Billings Index (ABI) score for September was 51.1 compared to 54.2 in August 2018. However, continued strength in new projects coming into architecture firms points to billings growth in the coming months.” (World Property Journal)
0 comments
Hide comments