NREI WIRE

10 Must Reads for the CRE Industry Today (April 12, 2019)

Manhattan office leasing is down this year despite job market growth, according to the Wall Street Journal. Bed, Bath & Beyond to close at least 40 stores this year, according to MarketWatch. These are among today’s must reads from around the commercial real estate industry.

  1. Manhattan Office Leasing Is Sluggish “Office leasing in Manhattan slowed in the first quarter of this year, despite the city’s expanding job market.” (Wall Street Journal, subscription required)
  2. Bed, Bath & Beyond Plans to Close At Least 40 Stores This Year, But Open 15 New Locations “The New Jersey-based home goods retailer, which also operates Buy Buy Baby, Harmon Face Values and World Market, announced mixed results during its fourth-quarter call with financial analysts this week. ‘We expect to open approximately 15 new stores in fiscal 2019. This will be offset by a minimum of approximately 40 stores we expect to close,’ Robyn D'Elia, chief financial officer and treasurer.” (MarketWatch)
  3. Congestion Pricing is Bad News for Parking Garages in New York “With congestion pricing coming to New York City, Manhattan’s public parking garages risk becoming an endangered species in parts of the borough.” (Wall Street Journal, subscription required)
  4. Guy Grainger, JLL EMEA CEO, On Why They Bet Big On PropTech “Since I started writing this column, I’ve had unprecedented access to all parts of the PropTech value chain.” (Forbes)
  5. Ollie’s Bargain Outlet CEO: We’ll open 950 stores — ‘Brick and mortar isn’t dead’ “Ollie’s Bargain Outlet is one-third of the way to opening 950 locations after opening three Tennessee stores on Wednesday, CEO Mark Butler told CNBC.” (CNBC)
  6. Is the Love Affair Between Foreign Investors and DC Ending? “Net foreign investment in the Washington, DC office market fell into the negative in Q1 2019 after posting a sharp decline the prior year, according to a JLL research note.” (GlobeSt.com)
  7. Will Uber’s IPO really boost San Francisco house prices? “Ride-sharing service Uber’s initial public offering is expected to attract high demand from investors. And experts say that could have major implications for home buyers and owners in the San Francisco Bay Area.” (MarketWatch)
  8. Growth May Stall Amid Frantic Search for Office Space “Frantic might be the word to accurately describe the market’s critical supply/demand imbalance as of today.” (GlobeSt.com)
  9. Mack Real Estate Provides $67M IN RFR’s $150M Chrysler Building Purchase “Mack Real Estate Credit Strategies provided $67 million in financing to Aby Rosen’s RFR Holdings to facilitate its roughly $150 million purchase of the famed Chrysler Building from Tishman Speyer, according to city records published today and confirmed by a source familiar with the deal.” (Commercial Observer)
  10. Local Malls View Growing Store Closures as Opportunity “The growing number of store closures in 2019 is pushing mall vacancies higher than they’ve been in eight years, but area malls see opportunity amid the shut downs.” (Dayton Daily News)
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