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10 Must Reads for the CRE Industry Today (June 28, 2019)

An exodus of Latin America investors caused Miami's high-end real estate market to dip, reports the Wall Street Journal. The New York Times looks at a growing list of New York skyscrapers undergoing renovations, and in some cases, change of use. These are among today's must reads from around the commercial real estate industry.

  1. In Miami, There Are Too Many Condos and Not Enough Foreign Buyers “Miami’s high-end real-estate market has drastically slowed in the past several years, as the Latin American buyers who led a frenzy of postrecession purchases have all but disappeared.” (Wall Street Journal, subscription required)
  2. A Celebrity Tower Is ‘Getting Some Work Done’ “The Flatiron is not the only classic New York skyscraper that is reinventing itself. The Empire State Building recently underwent a major renovation that made it more energy efficient. The Chrysler Building was just sold, and the new owner considered turning it into a hotel. The top floors of the Woolworth Building, once called “the cathedral of commerce,” are now luxury condos.” (The New York Times)
  3. This Rental App Is The Uber Of Real Estate “A Silicon Valley company is looking to streamline the process of renting apartments with an app that eliminates agents and guarantees landlords financially-stable tenants.” (Forbes)
  4. Multifamily Marketers Using Virtual Staging To Make Real Impact “When it comes to providing an ultra-realistic sense of a home or apartment’s genuine potential, the next best thing to being there is virtual staging. Multifamily developers are increasingly relying on this tech-driven capability to help them differentiate theirs from other residential products.” (Forbes)
  5. Rent the Runway is bringing its drop boxes to Nordstrom stores “Clothing subscription company Rent the Runway is opening drop boxes in four Nordstrom locations in Los Angeles on Thursday.” (CNBC)
  6. Real-Estate Developer Howard Hughes Hires Adviser to Explore Possible Sale "Howard Hughes Corp is exploring strategic options including a possible sale of the company, a move that comes as the real-estate developer has received a chilly reception from Wall Street on its strategy centered on master-planned communities." (Wall Street Joural, subscription required)
  7. Connecting Dots Between Tariffs and Retail Space “Economists are careful to point out that it’s too early to gauge the direct impact of tariff increases on consumer spending and, by extension, store space.” (GlobeSt.com)
  8. Lowe’s Taps North Carolina for New Tech Hub, to Create 2,000 Jobs “Home improvement retailer Lowe’s said Thursday it has chosen Charlotte, North Carolina, to be home to a new, 357,000-square-foot tech hub.” (CNBC)
  9. Harvard Study Blames Land Costs, Regulations for Depressed New Home Construction Market “A recently released report by the Harvard Joint Center for Housing Studies states that household growth is now back from post-recession lows, but new home construction continues to fall short of demand.” (GlobeSt.com)
  10. Knotel Inks Deal for 100th Building in NYC “Flexible-workspace provider Knotel nabbed space in its 100th building in New York City by inking a 23,424-square-foot deal in The World Diamond Tower, reports the Commercial Observer. (Commercial Observer)
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