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

Two mall owners are bidding together to save Bon-Ton from liquidation, according to CNBC. Forbes discusses what commercial real estate owners should do to prepare for a recession. These are among today’s must reads from around the commercial real estate industry.

  1. Two US Mall Owners Set to Bid Together to Save Bon-Ton from Closing All of Its Stores “U.S. mall owners Washington Prime Group and Namdar Realty Group will bid together to save department store chain Bon-Ton from liquidation, according to court documents filed Monday that were reviewed by CNBC. Alternative asset manager DW Partners will also be working with them.” (CNBC)
  2. A Recession Is Coming: What Commercial Real Estate Owners Should Do Now “Commercial real estate owners, and their brokers, are optimists. That’s both a blessing and a curse. Real estate is cyclical. It’s impossible to predict exactly when the U.S. economy will tip into the next recession, but most experts agree we’re in the ninth inning of this current cycle. Translation: the end is near.” (Forbes)
  3. Retail Defaults Hit a Record High in the First Quarter, Says Moody’s “Retail defaults hit an alltime high in the first quarter at 28, compared with 23 in the same period a year ago, Moody’s Investors Service said Tuesday.” (MarketWatch)
  4. Two More Rate Increases This Year, Flatter Path in 2019, 2020, Fed’s Kaplan Says “Federal Reserve Bank of Dallas President Robert Kaplan said he sees the Fed raising interest rates twice more this year but added the pace of rate increases could ease in future years because of slowing growth.” (Wall Street Journal, subscription required)
  5. Billionaire Mall Owner: ‘Amazon Has Been Great for Retail’ – and Here’s Why “At a time when retail stores have been closing due to the ‘Amazon effect,’ billionaire mall owner Rick Caruso says ‘Amazon has been great for retail.’” (CNBC)
  6. Kushners ‘Negotiating Now,’ Over Sale of Flagship Building “Speculation over the fate of the Kushner Companies’ flagship Fifth Avenue office tower has replaced Monopoly as the favorite parlor game of the real estate set.” (The New York Times)
  7. Pfizer Moving Headquarters to Hudson Yards “Pharma giant Pfizer has clinched a momentous deal to move its Manhattan headquarters to The Spiral, a 65-story skyscraper which Tishman Speyer is building in the Hudson Yards district, the companies announced Tuesday morning.” (New York Post)
  8. The Country’s Food Hall Appetite Is Growing “Between 2015 and 2020, the number of operating major food halls will triple to 300 nationwide, according to a new report on food halls by Cushman & Wakefield.” (Commercial Observer)
  9. Why NYC’s Empty Retail Space Surplus Isn’t Fazing Developers “Some 1.2 million square feet of newly minted retail space are coming to the Manhattan leasing market at three major new developments — Hudson Yards, Manhattan West and Essex Crossing — even as vacant stores blight almost every part of Manhattan.” (New York Post)
  10. Economy Watch: Most Metros Enjoying Lower Unemployment Than a Year Ago “Unemployment rates were lower in February than a year earlier in 319 of the 388 U.S. metro areas, according to the Bureau of Labor Statistics.” (Commercial Property Executive)
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