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10 Must Reads for the CRE Industry Today (July 3, 2019)

The current economic expansion has become the longest in U.S. history, according to Business Insider. Amazon is planning to build a 43-story tower in Bellevue, Wash., reports the Seattle Times. These are among today’s must reads from around the commercial real estate industry.

  1. The U.S. Economic Expansion Is Now the Longest in History “The US economic expansion and recovery from the Great Recession officially made history on Monday July 1: The 10-year, 121-month expansion that started in June 2009 is now the longest ever. The previous record was set during the 120-month expansion from March 1991 to March 2001, according to the National Bureau of Economic Research. It ended as the dotcom bubble burst. While the current expansion is a record breaker, it's also been one of the slowest.” (Business Insider)
  2. The Phoenix Play: How These Hot-Shot Investors Discover Unloved Real Estate “At the glamorously landscaped mall on Sand Hill Road in Silicon Valley, shoppers stroll through the Hermès and Peloton outlets, jockey for a seat in the showroom Teslas and wait in a long line stretching out from the bakery. But is this hangout for the rich doomed? The very venture capitalists and Python programmers who pour dollars into it on weekends spend their working hours on schemes to extend e-commerce and make malls obsolete.” (Forbes)
  3. Furniture Was a Savior. Then It Was a Handicap. “On a recent evening, the Rockers were getting ready for a professional baseball game at BB&T Point, the new multipurpose stadium in High Point, a small city about 90 miles west of Raleigh. On a bulldozed lot just behind the giant scoreboard, a developer was preparing to break ground for a condominium. And beyond the condo site, an old brick textile mill will soon be turned into a hub for furniture makers and design professionals.” (The New York Times)
  4. The Eviction Crisis Is Starting to Look a Lot Like the Subprime Mortgage Crisis “Stable housing is increasingly out of reach for many Americans, as both rentals and homes to own grow more expensive and options dwindle. Evictions may be one of the most visible manifestations. Now, a new study shows that not all evictions are created equal. Scholars at Georgia State University, in conjunction with a ProPublica journalist, examined “serial” eviction filings, or those done repeatedly by a landlord against a tenant. By comparing serial evictions to ordinary ones, the researchers found patterns of landlord behavior and intentions, some of which are reminiscent of the worst of the housing crisis a decade ago.” (MarketWatch)
  5. Three Ways to Exceed Investment Objectives Through Allocation in Real Estate “It is not a well-kept secret: For decades, the top educational endowment funds, such as Harvard and Yale, have achieved higher investment returns with moderate volatility. Their secret is their allocation in alternative investments, including private real estate. According to the modern portfolio theory, investors can improve the risk-adjusted returns of their portfolios by diversifying across multiple asset classes with varied correlations.” (Forbes)
  6. With Money Secure, SF’s Biggest Supportive Housing Project Is Fully Funded “San Francisco will receive $27.7 million in state money to help fund housing for mentally ill people who are either homeless or at risk of losing their housing. The Mayor’s Office of Housing and Community Development plans to use the money to fund capital costs for an affordable housing project at 1068 Mission St., a surface parking lot on Seventh and Mission Streets that the city plans to turn into its largest development for the formerly homeless.” (San Francisco Chronicle)
  7. Target Readies More College Campus Stores “Target Corp. plans to open three more small-format stores on or near university campuses to meet the food and daily essentials needs of on-the-go college students. Slated to open their doors this fall, Target said, are a 20,000-square-foot store on the University of Kentucky campus in Lexington, Ky.; a 22,000-square-foot store on the Michigan State University campus in East Lansing, Mich.; and a 21,000-square-foot store near the University of Washington in Seattle.” (Supermarket News)
  8. Amazon Plans its Tallest Tower, Marking Growing Presence in Bellevue “Amazon plans to build a 43-story tower in Bellevue — its tallest building anywhere, as well as the city’s tallest — that would accommodate several thousand employees and signal a deeper commitment to grow in the Eastside city where it has amassed a significant portfolio of office leases. The company on Tuesday began the formal permitting process for the proposed building, referred to as Bellevue 600. The site is the east half of the Bellevue Corporate Plaza property at 600 108th Ave. N.E. that it bought in April for $195 million.” (The Seattle Times)
  9. 2 Injured, Suspect at Large in Shooting at Tanforan Mall in San Bruno “Two young men were shot and two other people were injured in a shooting at Tanforan Mall in San Bruno on Tuesday afternoon, causing panic at the bustling shopping area and forcing a large-scale police hunt for two gunmen on both sides of San Francisco Bay. The gunfire erupted around 4 p.m., when two shooters opened fire “at each other, or someone else,” said San Bruno police Chief Ed Barberini.” (San Francisco Chronicle)
  10. Google Breaks Ground on $600M Las Vegas Data Center “Google recently held a ceremonial groundbreaking for its latest data center, a 750,000-square-foot development to sprout up in Henderson, Nev., roughly 10 miles south of downtown Las Vegas. The search engine giant will invest $600 million to realize the project. According to Google’s application for the Nevada Governor’s Office of Economic Development’s data center tax abatement program, which the company filed through a subsidiary, Design LLC, the project will occupy two parcels totaling 64 acres.” (Commercial Property Executive)
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