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10 Must Reads for the CRE Industry Today (July 17, 2019)

High-rise developers in Manhattan are struggling due to glut of new supply, new tax laws and declining demand by foreign buyers, reports the Wall Street Journal. The New York Times looks at new office designs in the open workplace. These are among today's must reads from around the commercial real estate industry.

  1. Manhattan Condo Slump Starting to Imperil City Developers “High-rise developers in Manhattan are coming under stress as tough market conditions are starting to undermine some of the city’s most prominent luxury condo projects.” (Wall Street Journal, subscription required)
  2. Walls on Wheels and Movable Pods: ‘The Evolution of the Open Workplace’ “In recent years, new office designs have encouraged employees to get moving. Cafes and lounges beckon workers when they need a break. Open staircases spur them to climb floors rather than take the elevator. Sit-stand desks offer them a chance to stretch while continuing to work. Now, the offices themselves are on the move. (New York Times)
  3. Uber Puts a Shopping Experience in Cars for Riders to Buy AirPods, Amazon Echos and More “The next time you’re sitting in an Uber on the way to the airport, wishing you had better luggage or had thought to download a movie to your phone, you’ll be able to do just that.” (CNBC)
  4. New York City Developers Lobby to Legalize Drones “Real-estate developers in Los Angeles and Chicago are embracing drone technology to help speed up the building process and reduce costs. But in New York City, a 71-year-old local statute is keeping drones grounded” (Wall Street Journal, subscription required)
  5. Airbnb, Under Attack in New Jersey, Seeks a New Ally: Voters “The ordinance passed by Jersey City last month reversed a law that four years ago had legalized home sharing. But since then concerns have grown that the expansion of Airbnb was depressing the availability of affordable housing and hurting the local hotel industry.” (The New York Times)
  6. 12 Key Traits To Look For When Hiring A Property Manager “If you've never hired a property manager before, you might not know the right qualities to look for. To help you make a smart decision, 12 members of Forbes Real Estate Council, below, discuss some key traits a good property manager should have. Here's what they said” (Forbes)
  7. Fast-Casual Restaurant Industry Is Set to Continue Booming “Fast-casual and quick-service restaurants have accounted for a whopping 35% of all food-and-beverage leases in Manhattan since 2016, reports CBRE. The brokerage also noted that since 2015, F&B leases have made up nearly one-third of all retail transactions in Manhattan.” (New York Post)
  8. JLL Is Bullish on SoCal Medical Office Sector “JLL isn’t the only investor ramping up its medical office activity. Medical office has become a popular investment class, and, as a result, highly competitive.” (GlobeSt.com)
  9. Will Venture Capital Venture Into Opportunity Zones? “In April, the IRS released updated rules for the program, which clarified how operating businesses can qualify for opportunity zone benefits. The new guidelines seemed to indicate that start-ups made the cut. That was supposed to unleash a flurry of activity from venture capital firms and start-ups to join the fun the real estate industry was having.” (Commercial Observer)
  10. Top 10 Retail Leases of the Month: Keeping Fit “Equinox Fitness signed a whopping 20-year, 36,500 square-foot renewal at 14 Wall Street last month with asking rent at $100 per foot.” (Commercial Observer)
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