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10 Must Reads for the CRE Industry Today (June 18, 2019)

The New York Times looks at the health and wellness boom in malls. WeWork’s billions in lease obligations worries potential investors ahead of its IPO, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. The Boutique Fitness Boom “A visit to an upscale suburban mall or a city shopping district used to be marked by stops at Gap, Sharper Image and Barnes & Noble, ending in a pile of shopping bags.” (The New York Times)
  2. WeWork’s Mounting Lease Debt Looms Over IPO Plans “As WeWork Cos. prepares for an initial public offering, it has accumulated a mounting pile of debt and financial obligations that could concern potential investors.” (Wall Street Journal, subscription required)
  3. Community Bank Stocks Hit by New York Rent Reform “Stock investors are dumping shares of community banks with big real-estate lending businesses that could suffer from New York’s stricter apartment-rent regulations.” (Wall Street Journal, subscription required)
  4. Millennials Who Live with Mom and Dad Will Need $10,000 to Move Out "“Financial freedom costs money. One 25-year-old man living with his parents asked users of the social-media site Reddit to chime in on his mother’s advice that he save up between $10,000 and $15,000 before he moves out. He’s debt-free, earning at least $1,800 per month and planning to rent an apartment in an area where the cheapest studio goes for $850 a month.” (MarketWatch) 
  5. Cities Start to Question an American Ideal: A House With a Yard on Every Lot “Single-family zoning is practically gospel in America, embraced by homeowners and local governments to protect neighborhoods of tidy houses from denser development nearby.” (The New York Times)
  6. U.S. Housing Starts Fall in May, But Trend Improving “U.S. homebuilding unexpectedly fell in May, but data for the prior two months was revised higher and building permits increased, suggesting that the housing market was drawing some support from a sharp decline in mortgage rates.” (Reuters)
  7. Designed To Share: Airbnb Backed Developer To Build Condos Made For Home Sharing “Miami-based real estate developer Newgard Development Group announced Tuesday that it will open the condominium towers purpose built for home sharing.” (Forbes)
  8. Rothy’s, the Women’s Shoe Brand with a Cult-like Following, Is Opening More Stores “Rothy’s, the women’s shoe brand with an almost cult-like following, is making a bigger move into bricks-and-mortar retail.” (CNBC)
  9. Uber to Launch ‘Flying Taxis’ in LA and Dallas-Fort Worth by 2023 “If Uber’s ambitious plans come to pass, L.A. and Dallas area motorists tired of sitting in mind-numbing traffic can opt for the ride-sharing company’s flying taxi service or, per company parlance a “shared VTOL” (vertical takeoff and landing) aircraft, by 2023.” (Commercial Observer)
  10. Citigroup, Deutsche Bank Leaving Vast Financial District Spaces “Citigroup plans to leave 111 Wall St. entirely by the end of the year — an impending 900,000-square-foot vacancy that will leave FiDi with two huge empty office towers to fill.” (New York Post)
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