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10 Must Reads for the CRE Industry Today (April 30, 2019)

The New York Times looks at how old malls are being converted into offices. WeWork filed for an initial public offering with U.S. regulators, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. The New Mall Tenant Is Your Office “Westside Pavilion, a dying mall in Los Angeles, ticked all of the boxes for Hudson Pacific Properties.” (The New York Times)
  2. WeWork Files for Initial Public Offering “Shared-office-space giant WeWork Cos. has added its name to the slew of highly valued startups heading to the public markets, a surprise move that will test the company’s rich valuation and heavy spending.” (Wall Street Journal, subscription required)
  3. Strong Economy Not Helping Local Retail Landlords  “The local retail vacancy rate is heading back up as many landlords continue to struggle with store closings and sluggish demand for their space.” (Crain’s Chicago Business)
  4. Airbnb to Collaborate on New York City Hotel “Airbnb is partnering with a major New York real estate developer, RXR Realty, to convert portions of New York City commercial properties into a “new category of urban lodging.” (CNBC)
  5. No Evidence of the ‘Retail Apocalypse’ at Collegiate Retail Projects “History dictates that the proverbial phoenix will once again rise from the ashes of the so-called “retail apocalypse,” and retail developers and investors are now asking: What is the next “airport retail?” The answer: collegiate and university serving retail.” (Commercial Observer)
  6. Coworking Grows in San Diego as Biotech VC Stumbles “San Diego is one of the country’s premier biotech hubs, but a single co-working deal exceeded the city’s total VC investment in life sciences during the first quarter, according to a new report by CBRE.” (Commercial Property Executive)
  7. New Jersey's Commercial Office Market Enjoys Continued Resurgence “According to Transwestern Commercial Services' First-Quarter 2019 Office Market Report, as the slow but steady resurgence of the New Jersey office market continues, vacancy has reached its lowest level in nearly a decade.” (World Property Journal)
  8. Newer Apartment Communities Steaming Ahead With Popular Perks “If coffee lovers' cups are running over with social opportunities at newer luxury apartment buildings, it could be the result of a popular trend brewing in upscale perks.” (Forbes)
  9. ‘Tin Pan Alley’ Owner Doesn’t Want Buildings Landmarked “The owner of five buildings on West 28th Street that comprise the core of the historic “Tin Pan Alley” is trying to block them from being landmarked by pointing to racist tunes emanating from the block a century ago.” (New York Post)
  10. Emissions Cap Has Landlords Scrambling for Clean Energy “Throughout the past decade, Rudin Management has outfitted its roughly 10 million-square-foot portfolio of Manhattan office buildings with a range of power-saving equipment and systems, including software it developed to optimize energy efficiency and identify waste.” (Crain’s New York Business)
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