- Bon-Ton Scion’s Fix for Ailing Department Stores: Blow Up the Model “A scion of one of the last American department-store dynasties has a recipe for other ailing chains: stop being a department store. That realization came too late for Tim Grumbacher to save his own company, Bon-Ton Stores Inc., which is liquidating all of its 262 locations after filing for bankruptcy protection in February.” (Wall Street Journal, subscription required)
- Californian Emigrants Aren’t All Moving to Cheap Housing Markets “High housing costs fueled an exodus from California in recent years — and many of those migrants are choosing to leave the Golden State to lay down roots in Sin City. Las Vegas ranked as the most popular destination for people moving from city’s along California’s coast to non-California metropolitan areas, according to a new report from real-estate website Trulia.” (MarketWatch)
- Rent Control: What It Means for the Real Estate Marketplace “Rental rates continue to rise year over year, with a vast majority of the nation’s 100 largest cities seeing increases. For tenants, the first question that often comes to mind is: ‘Is this even legal?!’ The short answer is yes, unless you live in an area that has rent-control or rent-stabilization acts in place. And rent control probably isn’t going anywhere — a report from late last year indicated that there was not a single location in the country where someone working a full-time minimum wage job could afford to rent a two-bedroom apartment.” (Forbes)
- This Is When You’re Ready to Invest in Real Estate “Forget about the late-night TV ads that say anyone can get rich quick in real estate. Not everyone can, especially investors who haven't thought things through, but you'll know you're ready to become an investment property owner if you can check off these five requirements.” (U.S. News & World Report)
- Rising Risks: Waterfront Real Estate in Boston Rises in the Face of Stronger Storms “If last year was any guide, storms are getting increasingly intense, dangerous and destructive. Sixteen separate weather disasters in 2017 caused more than $300 billion in economic losses, including damage to both commercial and residential real estate, according to the National Oceanic and Atmospheric Administration, or NOAA. That is a new annual record.” (CNBC)
- Macy’s Still Needs a Real Estate Strategy “Department store giant Macy's controls a massive amount of real estate, thanks to its position as an anchor tenant in many of the largest U.S. malls. It also has downtown stores in a number of cities across the country. This vast real estate portfolio could be worth as much as $20 billion -- more than Macy's entire enterprise value. Indeed, some of Macy's real estate isn't being used efficiently. The company has raised more than $1 billion in the past few years from selling various properties, and it is working on plans to sell more.” (The Motley Fool)
- Newmark Group to Acquire RKF Retail Holdings “Newmark Group Inc., the parent organization of Newmark Knight Frank, has agreed to acquire RKF Retail Holdings LLC and its subsidiaries. RKF is a leading independent real estate firm specializing in retail leasing, investment sales and consulting services, including tenant and owner representation and dispositions.” (Commercial Property Executive)
- City Regulations on Airbnb Rentals are ‘Punitive’ to Ordinary People, Co-Founder Says “Home-sharing platform Airbnb has been increasingly under fire from city authorities attempting to limit residential rentals through the online marketplace. Arguing in the company's defense this week, Airbnb co-founder and Chief Technology Officer (CTO) Nathan Blecharczyk told CNBC in Paris that this is largely a result of "misinformation" and hurts ordinary people.” (CNBC)
- Retail’s Revolving Door “The onslaught of retail bankruptcies and store closings in the past year has mall owners in a mad dash to fill hundreds of vacant spaces. The mall owner with the largest holdings nationwide, Simon Property Group (SPG), is no exception. During a 12-month span, dozens of struggling retailers at SPG properties have packed up and moved out, leaving about a million empty square feet in their wake.” (The Real Deal)
- Increased Demand Pushes Up Rents in Las Vegas “Despite having tourism and leisure and hospitality as its main economic drivers, Las Vegas has been a late bloomer in this real estate cycle. But the city’s full recovery is a safe bet, given that it ranks among the top 10 metros for population growth and had the second-largest employment gain in the country, at 2.9 percent in 2017. These factors have pushed rents up 5.3 percent year over year through March, to $980, still trailing the $1,372 U.S. average.” (Commercial Property Executive)
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