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10 Must Reads for the CRE Industry Today (August 8, 2019)

WeWork's IPO likely to reflect on the rest of the co-working sector, reports Crain's New York Business. Forbes looks at six elements to consider before purchasing an investment property. These are among today’s must reads from around the commercial real estate industry.

  1. WeWork's Looming IPO Also Will Prove Decisive for Slew of Rivals “WeWork’s IPO will serve as a benchmark for the valuation of the entire co-working sector, according to Danny Ismail, an analyst at Green Street Advisors. Public information on the profitability and sustainability of its business has been limited, so the limelight on WeWork’s financials is likely to reflect on its rivals as well, he said.” (Crain’s New York Business)
  2. Inflated Bond Ratings Helped Spur the Financial Crisis. They’re Back. “Times are tough for the Mall at Stonecrest in suburban Atlanta. The Kohl’s closed in 2016. The Sears shut in 2018, and the Payless ShoeSource finished its going-out-of-business sale in May. When a $90.5 million mortgage came due last summer, the mall’s owners defaulted.” (Wall Street Journal, subscription required)
  3. Megadevelopments Are On The Rise: Here's What It Means For Developers “So, what does the rise of the megadevelopment mean for developers as they plan, build and market these sites? Succeeding with these big, expensive, time-consuming projects requires understanding key essentials, which are different than what smaller, niche-oriented developments have required in the past.” (Forbes)
  4. Office Vacancy Rates Hold Steady at 9.7 Percent in U.S. “According to Transwestern's recently released national office report reflects resilience in U.S. market fundamentals, even in the face of the moderating pace of U.S. economic growth demonstrated by net job creation averaging 172,000 per month for the first half of the year. In this environment, the national vacancy rate held steady at 9.7% in the second quarter thanks to healthy preleasing levels of newly delivered office assets.” (World Property Journal)
  5. Tax Dodging Made June a Record Month for Luxury Real Estate “June was the biggest month ever for sales of luxury residential real estate in New York City, as a looming July 1 tax increase sent hundreds of buyers scrambling to close deals.” (Wall Street Journal, subscription required)
  6. Six Elements To Consider When Looking At An Investment Property “Investing in real estate property comes with its own set of risks and considerations. To help better identify what newer investors should be aware of, members of Forbes Real Estate Council, below, discuss some of the more important elements to consider when looking at an investment property.” (Forbes)
  7. Can Britain’s Top Bookseller Save Barnes & Noble? “Now comes the question that will rivet American book lovers as much as any page turner: Can he do it again? Nearly 400 Barnes & Noble stores have closed since 1997 — there are 627 now operating — and $1 billion in market value has evaporated in the last five years.” (New York Times)
  8. How Churches Can Resurrect Retail Occupancies “With occupancy being a major concern for most big box landlords, an older solution is regaining popularity: Large churches looking to expand in dense city areas are moving into vacant retail spaces. For example, Christ Fellowship Church intends to open roughly five such locations over the next few years.” (Commercial Property Executive)
  9. Gauging the Impact of 200 Store Closures “Drugstore giant Walgreens Boots Alliance Inc. said in a regulatory filing this week that it plans to close roughly 200 Walgreens stores in the U.S., representing less than 3 percent of the brand’s nationwide footprint. But real estate experts that spoke with Commercial Property Executive were far from shaken by the information.” (Commercial Property Executive)
  10. San Antonio Ranks as One of Fastest Growing Large Cities “As one of the economic and cultural centers of Texas, San Antonio’s trio of economic factors include low business costs, an advanced telecom infrastructure and an increase of young educated households with children.” (GlobeSt.com)
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