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10 Must Reads for the CRE Industry Today (February 2, 2018)

Airbnb announced that it will not go public this year, Reuters reports. Construction spending climbed for the fifth month in a row in December, according to MarketWatch. These are among today’s must reads from around the commercial real estate industry.

  1. Airbnb Says No IPO in 2018, Names First COO “Short-term home rental service Airbnb Inc. will not go public this year, the company said on Thursday, and it appointed its first chief operating officer as it pursues global growth and tighter management of its finances as a more mature company.” (Reuters)
  2. Construction Spending Climbs for Fifth Month to RecordThe Commerce Department reported a 0.7% gain in construction spending in December, and a 2.6% advance over the past 12 months. That’s the fifth monthly gain in a row and a record high annual rate of $1.25 trillion.” (MarketWatch)
  3. A.’s Homelessness Surged 75% in Six Years. Here’s Why the Crisis Has Been Decades in the Making “The growth of a homeless day camp at the halls of civic power speaks to the breadth of Los Angeles' burgeoning homelessness problem. The number of those living in the streets and shelters of the city of L.A. and most of the county surged 75% — to roughly 55,000 from about 32,000 — in the last six years.” (Los Angeles Times)
  4. H&M’s Plan to Open an Even Cheaper Store Is an Ominous Sign of Trouble “H&M is launching its own off-price store. The new store, called Afound, opens in Sweden online and in stores later this year, the company said. It will be selling products from H&M and its other brands, such as & Other Stories and Cos, at discounted prices. It will also stock products from external brands.” (Business Insider)
  5. Malls Hope to Get Back in Shape by Adding Gyms “The fitness industry is booming. The mall business is not. Put a gym in a mall, and boom, you suddenly have a busier mall. Anything to get foot traffic, even if they’re sweaty feet.” (CNBC)
  6. H&M’s Problems Wont’s Be Solved by Growing Online Sales “H&M parent Hennes & Mauritz AB, whose fast-fashion exploits were once blamed for the woes of many apparel retailers, is now being disrupted itself.” (Forbes)
  7. Apartment Rents Rise in 89% of Cities “There are two ways to look at one of the twin pillars of multifamily fundamentals (the other, of course, is occupancy), and both are correct. One way to view rent growth is that it’s occurring at a slower pace these days than we saw in 2015 and 2016. Another is that it continues to occur in the vast majority of cities, and at a healthy clip.” (com)
  8. Cities that Lure Amazon with Incentives May Be Getting a ‘Bad Bargain,’ New Study Says “The promised benefits of Amazon’s new fulfillment centers may not be materializing as planned. A new study of publicly available data by the left-leaning Economic Policy Institute has found that when Amazon opens a new warehouse, the county where it is located does not see an increase in employment during the following two-year period. Warehouse jobs do increase by about 30%, but the county’s overall employment stays steady.” (Business Insider)
  9. Nordstrom to Close Oregon Store, in a Rare Move for the High-End Retailer “Nordstrom is planning to close a full-line department store in Salem, Oregon, affecting about 130 nonseasonal employees.” (CNBC)
  10. S. Gained 200,000 Jobs in January as Wages Picked Up “U.S. hiring was solid in January as the unemployment rate hovered at its lowest level in 17 years and wage growth picked up to its strongest pace since the recession.” (Wall Street Journal, subscription required)
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