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10 Must Reads for the CRE Industry Today (August 16, 2019)

Start-ups tackle wire-transfer fraud in the real estate industry, according to the Wall Street Journal. iBuyer options cost more in fees and result in a lower-priced sale than properties sold by traditional agents, reports Forbes. These are among today’s must reads from around the commercial real estate industry.

  1. The Startups Safeguarding Real Estate Against Schemers and Scammers “Mr. Cronkright, along with Sun Title President Lawrence Duthler, were among the first victims in a wave of wire-fraud schemes that for the past five years has devastated the real-estate industry. Last year, there were at least 11,300 victims of real-estate wire fraud who lost a total of nearly $150 million, according to the FBI’s Internet Crime Report released in April.” (Wall Street Journal, subscription required)
  2. Study Shows iBuyers Cost Home Sellers Thousands; Is Convenience Worth The Price? “A new study shows there might be a serious downside to this rising trend—and it hits sellers right in the pocketbook.” (Forbes)
  3. Prolific Investor Buys Downtown Rental Building at a Big Discount “Prolific real estate investor David Werner, along with a group of undisclosed partners, bought a leasehold of 2 Cooper Square for just over $85 million, according to a source directly involved with the deal. That’s about $50 million less than the Kuwaiti investment fund Wafra purchased the leasehold for in 2012.” (Crain’s New York Business)
  4. Commercial Real Estate Expert Says "Recessions Need To Be Caused By Some Sort Of Intervention" “Mark Rose is CEO of full-service commercial real estate company Avison Young, which provides solutions to real estate investors, owners, and occupiers throughout the world. Recently, I caught up with him to get his take on today’s market and which sectors he currently favors.” (Forbes)
  5. L.A. Industrial Rents Hit Record Highs “Industrial rents in the San Gabriel Valley have hit a new record. According to research from NAI Capital, industrial rents in the popular L.A. submarket are up 16.4% year-over-year to $0.84 per square foot.” (GlobeSt.com)
  6. California Is Headed Toward a Titanic Battle Over Raising Property Taxes “In California, of course, elections often feature major ballot initiatives as well as elected official tilts. And the 2020 election is very likely going to feature the biggest, baddest, most expensive ballot-initiative fight in the state’s long history of voter-imposed laws. As I explained a year ago, a long-awaited progressive effort to strip Prop 13 tax protections from commercial property may finally be on tap for November 3, 2020” (Intelligencer)
  7. Clay Short: Baby Boomers, Healthcare Sector Bolster Commercial Real Estate “Investors are injecting money into this industry in an attempt to provide these facilities as supply for the increasing demand. According to JLL’s latest Construction Outlook, the sector recorded 26 million square feet of hospital construction completions and 12 million square feet of medical office building construction completions in 2018, and is expected to grow about 5% annually through 2025.” (Daily Journal)
  8. Despite a New Incentive, Columbia Unlikely to Add More Office Towers to its Skyline “Columbia features a strong demand for office space and a new incentive package to encourage big developments, but it still is unlikely that anyone will launch construction of a major office tower in the city soon, real estate market watchers say.” (The Post and Courier)
  9. Demolition of Marquette Mall a Sign of Times “The Marquette Mall, once home to over 50 establishments, including a cinema, a restaurant, an arcade and multiple specialty shops, is slated for partial demolition this fall.” (The Mining Journal)
  10. A Look at the Top Buy Markets for Multifamily “In its latest multifamily report, Ten-X ranked the top five buy and sell markets for multifamily investment through 2022, even factoring in a potential recession in the next two years. The buy markets have strong fundamentals with economic and population growth, while the sell markets have matured already for this cycle with ultra low vacancy rates and high cost of rents.” (GlobeSt.com)
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