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10 Must Reads for the CRE Industry Today (July 11, 2019)

New York City tech boom adds millions of square feet in office space, reports the Wall Street Journal. Opendoor, the online direct home sales startup, partners with Redfin Corp., a real estate brokerage, according to Bloomberg. These are among today's must reads from around the commercial real estate industry.

  1. Who Needs Amazon HQ2? Not New York Real Estate’s Tech Boom “Big technology companies are doubling down on New York City by adding millions of square feet in office space and creating thousands of new jobs, with few aftereffects from Amazon.com Inc. ’s nixing of a Queens headquarters.” (Wall Street Journal, subscription required)
  2. Opendoor Partners With Redfin to Expand Home-Flipping Reach “Opendoor, which pioneered a new way for homeowners to sell their abodes, is partnering with rival Redfin Corp. in a move meant to help both companies reach more customers in a still evolving segment of the real estate industry.” (Bloomberg)
  3. Amazon HQ2 Is Upending Northern Virginia’s Already Unstable Housing Market “Amazon has yet to break ground in Northern Virginia for its second headquarters, but residents are already turning away persistent speculators, recalculating budgets for down payments on homes and fighting rent increases.” (The New York Times)
  4. New Lease Accounting Standard May Mislead Investors, Credit Suisse Says "“New lease accounting rules have resulted in potentially misleading data feeds, inconsistent financial reporting and other discrepancies that could confuse and misinform investors, Credit Suisse Group analysts said in one of the more detailed industry warnings from an investment bank since the standard took effect for public companies late last year. The Financial Accounting Standards Board’s new standard requires companies to report operating leases as liabilities on the balance sheet, rather than in the footnotes to the financial statements—as was required by the old rules.” (Wall Street Journal, subscription required)
  5. Appealing To Millennial Renters Who Wish To Remain Child-Free And Mortgage-Free “Appealing to this market requires a nuanced marketing strategy. Here are five guidelines:” (Forbes)
  6. Equinox President Launches Wellness Chain with Eye on Next Health Craze “Jeffrey Weinhaus, Equinox's president and chief development officer, has launched a chain of stores in the city and plans to expand it nationally. The locations, branded Clean Market, offer health and wellness products, including high-end cosmetics, vitamins and supplements; a vegan food and smoothie bar; and treatments that have come into fashion in recent years, such as cyrotherapy, infrared saunas and intravenous infusions.” (Crain’s New York Business)
  7. Sonder Becomes Travel’s Newest Billion-Dollar Brand After Raising $225 Million For Its Airbnb-Style Hospitality Business “The company offers apartment-style rentals with kitchens and unique decor but manages them professionally with fresh towels and 24-hour concierge available via text. But that's just the start for Sonder's cofounder CEO. He wants to build the next Hilton.” (Forbes)
  8. DC Office Vacancy Rates Could Reach All-Time High by Year End: Report “Office vacancy rates are climbing toward record-breaking highs in Washington, D.C., according to Cushman & Wakefield.” (Commercial Observer)
  9. Lululemon Just Opened a Sprawling, 20,000-Square-Foot Store in Chicago with Workout Classes and a Restaurant — Here’s What it Looks Like “Lululemon is opening its biggest store ever Thursday morning, and you can do a lot more than just shop there.” (CNBC)
  10. Multi-Use Site is Valuable for Omni-Channel Retailer “Weby Corp currently operates several physical retail stores in the Dallas-Fort Worth area and several more are planned. It views expansion into physical retail as part of its long-term strategy of redefining retailing in the age of e-commerce.” (GlobeSt.com)
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