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10 Must Reads for the CRE Industry Today (June 14, 2019)

Amazon loses some of its U.S. e-commerce market share, according to Bloomberg. U.S retail sales increased in May, easing fears of an economic slowdown in the second quarter, reports CNBC. These are among today's must reads from around the commercial real estate industry.

  1. Deadline Approaching for Elevator Upgrades “A New York City regulation that requires the installation of door-lock monitors on elevators by the end of the year is starting to cause bottlenecks in work at elevator consultancy and maintenance companies, catching some co-op and condo boards off guard at the long wait times they face to get the work done.” (The New York Times)
  2. New York’s Mansion Tax Could Explain Blitz of Big-Ticket Sales “A change in New York state law could be a motivating factor behind a recent flurry of enormous real-estate transactions in Manhattan.” (Wall Street Journal, subscription required)
  3. Amazon U.S. Online Market Share Estimate Cut to 38% From 47% “A closely watched researcher has cut its estimate of Amazon.com Inc.’s share of the U.S. e-commerce market after incorporating new figures from the company.” (Bloomberg)
  4. Fed Cut Looks a Bit Less Urgent With Pickup at Stores, Factories “U.S. stores and factories reported a pickup in activity last month, suggesting the economy is humming along without an urgent need for the Federal Reserve to cut interest rates.” (Bloomberg)
  5. US Retail Sales Rose in May, while April Was Revised Higher “U.S. retail sales increased in May and sales for the prior month were revised higher, suggesting a pick-up in consumer spending that could ease fears the economy was slowing down sharply in the second quarter.” (CNBC)
  6. Why A Tiny Vermont Town Could Be A Model For Impactful Real Estate Investing “The Global Impact Investing Network estimates that global “impact investments”  - investments made for social and environmental benefits in addition to financial gains – reached another peak of $502 billion in April 2019 - double the $228 billion in 2018 and double the previous $114 billion in 2017.” (Forbes)
  7. City Landlords Are Offering Fewer Deals “The share of new leases with concessions, such as a free month, fell in Manhattan, Brooklyn and northwest Queens in May, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. Rents rose in all three boroughs.” (Crain’s New York Business)
  8. Grocery Delivery in the Digital Age “In 2019, the simple act of going to the grocery store has evolved from the experience that it was just a few years ago. In this digital age, we see companies starting to incorporate more technology into how the stores are run, while creating a unique experience for the customer.” (GlobeSt.com)
  9. Future-Proofing Midtown “Midtown office landlords are all aboard the lifestyle-community-hospitality train as they attempt to reinvent their buildings to appeal to a younger, more relaxed generation.” (Commercial Observer)
  10. WeWork Takes 89 KSF at Florida’s Tallest Office Building “WeWork has inked a deal for 89,300 square feet in Miami at Southeast Financial Center, the tallest and largest office tower in Florida.” (Commercial Property Executive)
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