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10 Must Reads for the CRE Industry Today (August 31, 2018)

Atlanta is struggling with gentrification, according to the Wall Street Journal. Nearly 40 percent of Americans struggle to pay for basic needs like rent or food, MarketWatch reports. These are among today’s must reads from around the commercial real estate industry.

  1. Atlanta’s Growing Pains Are Getting Worse “ Bottoms’s advice was aimed at working-class homeowners in a predominantly African-American area that she said is gentrifying so quickly people are getting shortchanged for their property. Atlanta, the economic capital of the Deep South, has promoted growth for decades and now finds itself trying to figure out how to manage neighborhoods quickly morphing from poor and working-class to redeveloped and wealthier.” (Wall Street Journal, subscription required)
  2. 40% of Americans Struggle to Pay for at Least One Basic Need Like Food or Rent “Many people still struggle to pay bills — even for something as basic as food. That’s the difficult conclusion of a new report released this week by the Urban Institute, a nonpartisan, nonprofit policy group based in Washington, D.C., which surveyed almost 7,600 adults last December.” (MarketWatch)
  3. A Building With Kosher Flourishes “To appeal to observant Jews, an Upper West Side development hired a ‘kosher consultant’ to help create features that would meet their needs.” (The New York Times)
  4. Walmart Will Have 30% More Toys in Stores This Holiday Season, in a Bid to Win Sales Toys R Us Left Behind “It's a land grab for Toys R Us market share. Walmart said Thursday it is expanding its assortment of toys by 30 percent at all brick-and-mortar locations this holiday season, and it will offer 40 percent more toys on Walmart.com.” (CNBC)
  5. Nationwide Rents Remain Largely Flat During August: Report “In the battle of West Coast versus East Coast, one might say the former just added another notch under its belt. The price for a one-bedroom in Santa Ana, located in Orange County, climbed 3.4 percent, knocking Miami off the list of the top 10 most expensive places to rent, according to a new report from Zumper.” (The Real Deal)
  6. Construction Company Sues Developer at Long Island College Hospital Project “A construction company involved in the conversion of a landmarked former Long Island College Hospital building in Brooklyn is suing the project’s developer. ICS Builders has launched a lawsuit against Fortis Property Group in state Supreme Court.” (Crain’s New York Business, subscription required)
  7. Manhattan Real Estate Nearly Twice the Price of SF on this One Metric “Here's some news that might surprise some: San Francisco didn't land the top-spot in a new national home price list. A report from real estate and data analytics firm NeighborhoodX looked at the average cost of a home on a per-square-foot basis in major cities around the world, and real estate in the borough of Manhattan came out as nearly twice as expensive when compared to San Francisco.” (SFGate)
  8. Cloud Activity Drives Data Center Demand “Northern Virginia remains the sector’s largest market, but the lack of supply in some major markets is set to bring more growth in secondary cities like Phoenix, San Antonio and Austin.” (Commercial Property Executive)
  9. Report Debunks ‘Retail Apocalypse’ as More Stores Are Opening Than Closing “Yes, some very well-known retailers are closing stores. But that’s not the story – not by a long shot. According to new research from IHL Group, North American retailers will open 12,663 stores and close 8,828 stores in 2018, for a net increase of 3,835 store locations.” (Chain Store Age)
  10. Surviving the Retail Revolution: A Guide for Small Operators “Fluent Commerce’s Bill Friend reveals the key points behind a successful omnichannel strategy in the era of online shopping and why the customer-as-an-individual approach should be at the core of it all.” (Commercial Property Executive)
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