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10 Must Reads for the CRE Industry Today (June 26, 2019)

Student housing shifts from recreational add-ons toward amenities reflecting the gig economy, reports The New York Times. Facebook is in negotiations for a 1-million-sq.-ft. lease at Hudson Yards, according to Crain's New York Business. These are among today's must reads from around the commercial real estate industry.

  1. Forget Tanning Beds. College Students Today Want Uber Parking. “But as millennials move on and so-called Generation Z moves in, student housing is shifting away from recreational dazzle and toward amenities that reflect the gig economy: digital conveniences, ample spaces indoors and out for studying and collaborating, and cutting-edge fitness facilities to maintain wellness.” (The New York Times, subscription required)
  2. The Trade War Is Weighing on Chinese Home Buying in the US “Chinese home buyers last year ponied up much less cash in the U.S. as the trade war continues to escalate between the world’s two largest economies.” (CNBC)
  3. Innovation Shaping Future In The Land Of The Co-Living “Societal shifts have destigmatized the option of renting as a housing choice. All of which has led to a wholly expected result. In the next few years, the number of co-living housing units nationwide is anticipated to triple. (Forbes)
  4. SoHo Landlord Still Betting Big on Retail “Real estate investor Jack Terzi is out to prove that buying up brick and mortar retail space is a smart investment.” (Crain’s New York Business)
  5. Trending Technologies: How Big Data Is Impacting Estate Agencies “According to IDC's Data Age 2025 research, the amount of data across the globe that’s open to analysis is set to grow by a factor of 50 within just six years. As such, in 2025, the world is set to be creating 163 zetabytes (163 trillion gigabytes) of data a year.” (Forbes)
  6. Facebook in Talks for Major Hudson Yards Office "Facebook is negotiating to take 1 million square feet or more in Hudson Yards in a deal that would firmly establish the city's fast-growing technology sector in the emerging West Side neighborhood. The $540 billion company is in talks to take the space at 50 Hudson Yards, a nearly $4 billion, 1,000-foot-tall office spire being developed by a partnership between The Related Cos. and Oxford Properties Group." (Crain's New York Business)
  7. Lunch at Barneys’, Breakfast at Tiffany’s: Retailers Are Becoming Restaurateurs to Boost Sales “This fall, a new restaurant will open inside the Barneys New York department store at Copley Place in Boston, Massachusetts. It marks another step in the march of retailers into the restaurant business.” (CNBC)
  8. USPS Old Chelsea Station May Offer Apartment Space Soon “The top of the Old Chelsea Station in Chelsea could soon host apartments.” (New York Post)
  9. Park Hotels & Resorts Sells 3 Assets for $166M "Park Hotels & Resorts has closed on the sale of three Hilton hotels totaling 1,098 keys in Atlanta, New Orleans and New Jersey for a total of $166 million, as the NYSE-listed REIT prepares to acquire Chesapeake Lodging Trust. The move is designed to reduce leverage ahead of the proposed $2.7 billion merger of the two REITs, first announced in May." (Commercial Property Executive)
  10. WeWork Acquires Building Access App Developer Waltz "Coworking giant WeWork has acquired New York City-based Waltz, the developer of a mobile application that allows workers to gain access to a building via their phones, bypassing traditional building security, WeWork announced today. The deal marks WeWork’s third acquisition of a startup this year." (Commercial Observer)
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