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10 Must Reads for the CRE Industry Today (April 18, 2019)

Large buildings, like the Empire State Building and Trump Tower, may face million-dollar fines unless they reduce their greenhouse gas emissions, reports The New York Times. MarketWatch looks at whether the 2017 tax reform has helped or hurt the housing market. These are among today’s must reads from around the commercial real estate industry.

  1. Big Buildings Hurt the Climate. New York City Hopes to Change That “New York City is about to embark on an ambitious plan to fight climate change that would force thousands of large buildings, like the Empire State Building and Trump Tower, to sharply reduce their greenhouse gas emissions.” (The New York Times)
  2. Is Trump’s Tax Law Helping or Hurting the Housing Market? “When the Republican Party first put forth its plan to reform the country’s tax laws, housing experts worried it could put a damper on home-buying activity. Now that the GOP’s tax plan is the law of the land, some fear those predictions may be coming to fruition. A new report from analysts at the Federal Reserve Bank of New York examined the drop in home-sales activity between the fourth quarter of 2017 and the third quarter of 2018.” (MarketWatch)
  3. Squeezing Profits from Shared Housing “It seems co-living is finally coming of age. The problem is how to scale. The high-end communal housing model is expanding in a number of cities, including New York, and fewer property owners, investors and bankers are cringing at the thought. In late March, Tishman Speyer teamed up with local co-living company Common to launch Kin, a shared living space for families in the city.” (The Real Deal)
  4. U.S. Retail Sales Post Biggest Gain in One-and-a-half Years in March “Excluding automobiles, gasoline, building materials and food services, retail sales rebounded 1.0 percent in March after a downwardly revised 0.3 percent decline in February.” (Reuters)
  5. Manufacturers Sue U.S. to Stop Tax Regulation “The National Association of Manufacturers sued the federal government alleging that a tax regulation affecting winemakers and alcohol companies violates clear congressional intent.” (Wall Street Journal, subscription required)
  6. Chrysler Building Owner Lands His Trophy, Now Faces Rising Costs “As Aby Rosen was dog-sledding in Norway, skiing in Japan and snorkeling in St. Barts last month, one thought was constantly on the mind of the real estate tycoon and art collector: The building.” (Bloomberg)
  7. Tech Accounts for Three-Fourth of Silicon Valley Office Leases “With $133 billion in venture funding, it is no surprise that tech companies were the largest lessors of US office space in 2018, accounting for more than a quarter (25.7%) of the 311.9 million square feet of new leases signed, according to Cushman & Wakefield’s spotlight on tech leasing report.” (GlobeSt.com)
  8. New York City Rents Are Hitting Record Highs “Brooklyn and Queens rents hit all-time highs, while Manhattan rents reached a new peak for the first three months of 2019, according to a study released Thursday by real estate listings site StreetEasy.” (New York Post)
  9. Foot Locker Moves to Larger Experiential Space in Washington Heights “Foot Locker is expanding its size in Washington Heights, Manhattan as well the idea of shopping for shoes. The company is opening a new concept “Power Store” at 605 W. 181st St.” (GlobeSt.com)
  10. Foreign Investment in U.S. Industrial Properties Spiked 152 Percent in 2018 “According to new data from CBRE Research and Real Capital Analytics, foreign property investors made $14.4 billion worth of U.S. industrial real estate acquisitions in 2018, up a whopping 152% year-over-year due to several large entity-level deals and 29% above the average volume since 2015.” (World Property Journal)
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