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10 Must Reads for the CRE Industry Today (August 28, 2019)

WeWork is having trouble keeping its top human resource managers, reports Business Insider. The Wall Street Journal looks at how the vacation-home rental market is changing due to the growing supply of homes available for rent and the rise of home-listing sites. These are among today's must reads from around the commercial real estate industry.

  1. WeWork Has Reportedly Been Bleeding HR Managers in the Last Year, And Some Are Pointing Fingers at CEO Adam Neumann “Even as WeWork is gearing up for an initial public offering and hiring slews of new people, it's having trouble retaining its top human resources managers, The Information reported on Tuesday. (Business Insider)
  2. Airbnb Muscling Aside Brokers for Hamptons Summer Business “In the Hamptons, changing tastes in favor of shorter vacations, a growing supply of homes available for rent and the rise of the home-listing sites have upended what had been a reliable source of summer income for local brokers.” (Wall Street Journal, subscription required)
  3. Showing Off With the Hotel Flagship “In an increasingly saturated hospitality world where hotels must compete for attention from clients and investors, Flagships give operators the opportunity to put on a show, offering innovative designs, services and amenities.” (The New York Times)
  4. 10 Fundamentals Beginning Real Estate Investors Should Know “Starting as a real estate investor can be a daunting task. Markets are usually already established—and trying to break into an established field takes time and effort. Many times, newcomers aren't aware of everything that's going on, which can leave them scrambling to find out themselves or to recover from a surprise.” (Forbes)
  5. De Blasio Pushes Plan to Restrict Hotel Development “Mayor Bill de Blasio has asked the city’s planning department to draft a proposal outlining how to implement a citywide special permit for hotel development, just a few months after a major hotel union endorsed and financially contributed to de Blasio’s presidential campaign.” (Crain’s New York Business)
  6. Here's Why High-Net-Worth Individuals Might Choose To Rent Instead Of Buy In NYC “As the Manhattan sales market continues to slow, developers in the area are seeing a growth in the luxury rental space, and are following through by building rental properties that have condo-level amenities and activities that go beyond a wine and cheese hour.” (Forbes)
  7. WeWork Acquires Co-Working Rival Spacious “WeWork, now known as The We Company, announced this morning the acquisition of a rival co-working business, Spacious. The three-year-old, New York-based startup turns restaurants that sit empty during the day into co-working spaces, and is one of several niche co-working startups — like Convene, Knotel, Industrious, The Yard, The Wing and Alley, for example.” (Tech Crunch)
  8. How Fast Are Brokers Adopting New Technologies? “The real estate industry has been slow to adopt new technologies, and in many cases, industry veterans don’t see new technologies as a necessity. Not only so veterans like George Mantor, real estate expert and broker, believe technology won’t replace brokerage, they actually see it as potentially detrimental to the relationships that drive deals.” (GlobeSt.com)
  9. Rent Concessions Near 20-Year Lows But Evident in Some Markets “Nationwide, the percentage of units offering rental concessions is at some of its lowest levels in nearly two decades. Still, some markets–mostly the country’s big construction centers–are offering concessions at notably higher rates, according to a study by RealPage.” (GlobeSt.com)
  10. Yield Curve Inversion Might Portend, But Doesn’t Predict, Recession “Will there be another recession? Of course—eventually. How soon? No one knows. There’s a lot we can’t necessarily understand or predict about the economy and the current business cycle. But in a new report, Cushman & Wakefield brings clarity to something that has lots of people nervous, even though (or perhaps because) they don’t really understand it: The yield curve and its recent run of inversion.” (Commercial Property Executive)
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