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10 Must Reads for the CRE Industry Today (Feb. 11, 2020)

AI helps during the process of appraisals, speeding up transaction times, reports the Wall Street Journal. Several major real estate trade associations and brokerage firms plan to file a lawsuit against the state of New York, according to Forbes. These are today’s must reads from around the commercial real estate industry.

  1. AI Gains Ground in Commercial Real-Estate Appraisals “A new crop of appraisal companies is using artificial intelligence to speed up the process of valuing commercial real estate, aiming to reduce the time it takes to buy or sell a property.” (Wall Street Journal, subscription required)
  2. Real Estate Industry Lawsuit Seeks To Block New York City Broker Fee Ban “The agencies are arguing that the way the department announced the rule — with a statement earlier this week, nearly eight months after releasing new rent regulations limiting security deposits to one month’s rent and capping application fees at $20 — has created "widespread disruption" and lost money for landlords and rental agents, as well as prospective tenants.” (Forbes)
  3. Kidder Mathews Announces CEO Transition “Kidder Mathews' Chairman and CEO, Jeff Lyon, who has led the firm's rapid growth as the largest privately held commercial real estate firm on the West Coast over the past 21 years, has announced the firm will complete its 3-year succession plan including the promotion of the firm's president and COO, Bill Frame, to CEO on July 1, 2020. In addition, Brian Hatcher, currently president of brokerage, will become the firm's president and COO at that time. ” (Via press release)
  4. Cramer: Here’s Why Malls in America Might Not Be Dead After All “CNBC’s Jim Cramer said he’s rethinking his negative view toward the fate of American shopping malls following Monday’s announcement that Simon Property Group was buying rival Taubman Centers in a $3.6 billion deal.” (CNBC)
  5. How Chain Stores Are Rightsizing New York City Retail “Is the decline of national brands in NYC a regional problem or endemic of a larger retail shift?” (Retail Dive)
  6. Entertainment, Fitness Still Fueling the Retail Sector “As it is in most cities in the Midwest, the retail sector is having its ups and downs in Louisville.” (RE Journals)
  7. WeWork Ousted CEO Adam Neumann Hasn't Walked Away With Over $1 billion, Says Executive Chairman Marcelo Claure “WeWork executive chairman Marcelo Claure said the SoftBank-controlled American shared work-space company is working towards becoming profitable by 2021, and says ‘to say that Adam has walked away with over $1 billion is totally false.’" (CNBC)
  8. Commercial, Multifamily Borrowing Climbed to Record High in U.S. “According to the Mortgage Bankers Association's latest Quarterly Survey of Commercial and Multifamily Mortgage Bankers Originations, a 7 percent increase in commercial and multifamily mortgage originations in the fourth quarter of 2019 capped off what was a strong 2019 for the U.S. commercial market.” (World Property Journal)
  9. How to Get Started With a Smart Building Technology Strategy “Smart building technology seems inevitable. More and more the idea of having a connected, intelligent building has been gaining attention from owners who seek to drive greater asset value, respond to expectations from tenants, and address a general desire to optimize and automate manual processes.” (Propmodo)
  10. New York Is the First City to Seek Ghost Kitchen Oversight “The primary concern is whether ghost kitchens may threaten local restaurants by eliminating overhead for larger, more monied companies, that can effortlessly compete online.” (Commercial Observer)
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