10 Must Reads for the CRE Industry Today (December 8, 2017)

A Sears investor is urging the company to explore going private, according to Reuters. The Wall Street Journal reports that developers in competitive urban real-estate markets are building luxury housing in rundown neighborhoods, pitching them as up-and-coming, hot neighborhoods. These are among today’s top must reads from around the commercial real estate industry.

  1. Why the Hottest New ’Hood Is in the Wrong Part of Town “ Sagan’s goal—to help turn San Francisco’s mid-Market neighborhood, long characterized by a large homeless population, public drug consumption and dirty streets into a destination for upscale condo living—might seem quixotic. But developers in competitive urban real-estate markets in Los Angeles, Boston and New York are doing the same, building in seedy neighborhoods and industrial sites and pitching their projects as the next big thing in luxury living.” (Wall Street Journal, subscription required)
  2. Sears Investor Urges Company to Explore Going Private “A Sears Holding Corp investor on Thursday asked the struggling retailer to consider options including going private and investigate what it called an ‘unusually high volume’ of short-selling in the company’s shares.” (Reuters)
  3. Household Wealth Jumps to Near $97 Trillion, 72 Percent Higher than Crisis Level “Household wealth in the U.S. rose nearly 2 percent in the third quarter and is approaching double the level it was during the financial crisis, according to Federal Reserve data released Thursday.” (CNBC)
  4. Furious Shoppers Say Whole Foods’ Produce Has Turned ‘Depressing,’ ‘Barren,’ and ‘Bone-Dry’ – and They Blame Amazon “Shoppers across the US are claiming that the quality of Whole Foods’ produce has tanked since it was acquired by Amazon, and some say they’re abandoning the grocery chain as a result.” (Business Insider)
  5. U.S. Employers Hire at Healthy Rate in November "U.S. employers hired workers at a strong rate in November and the unemployment rate held at a 17-year low, signs the economy is on its firmest footing in at least a decade." (Wall Street Journal, subscription required)
  6. The Cities Where a Paycheck Stretches the Furthest 2017 “We often conflate high salaries with prosperity, but that can be deceptive. Someone who lives in New York or San Francisco might make more money than a counterpart in the same profession in Houston or Dallas-Fort Worth, but when the cost of living is factored in, their Southern colleagues may actually come out ahead.” (Forbes)
  7. FAO Schwarz Is Making a NYC Comeback at Rockefeller Center “FAO Schwarz will be getting a new, albeit much smaller, lease on life in New York City, with a 19,000-plus-square-foot store in Rockefeller Center, Commercial Observer has learned.” (Commercial Observer)
  8. Crew Is Shutting Down One of Its Most Popular Stores in a Grim Sign for the Company’s Future “J.Crew is closing one of its highest-volume stores as the brand’s sales plummet. The retailer is shutting down its 21-year-old store located at 99 Prince Street in Manhattan’s Soho neighborhood, a person familiar with the closure told Business Insider.” (Business Insider)
  9. Council Panel Votes to Limit Self-Storage in Industrial Zones “A City Council committee provided a key approval for legislation to restrict the development of self-storage facilities in industrial business zones Thursday, despite biting criticism of the bill by one of its members.” (Crain’s New York Business, subscription required)
  10. Raleigh Hotel Market: On the Rise "The City of Oaks’ economy and lodging industry continues to see strong growth, as the area remains a premier destination for business and tourism. Consulting firm HVS’ research pointed out that Raleigh’s hotel industry is performing well, making Raleigh one of the top hospitality markets in the country." (Commercial Property Executive)
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