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10 Must Reads for the CRE Industry Today (June 6, 2019)

Units in Santa Maria, Calif. and other nearby towns with high immigration are being converted to dormitory-style residences for temporary guest workers, tightening the supply of housing and pushing up rents, reports the Wall Street Journal. The New York Times looks at New York City’s evolving skyline. These are among today’s must reads from around the commercial real estate industry.

  1. New York City’s Evolving Skyline “New York has long been a city in the clouds, but with 16 buildings around 500 feet or taller slated for completion this year, 2019 could be the city’s busiest year ever for new skyscrapers.” (The New York Times)
  2. Rising Rents Collide With Immigration in California Agriculture Region “Motels, apartments, and single-family homes in Santa Maria and other nearby towns are being converted to dormitory-style residences for temporary guest workers, tightening the supply of housing and pushing up already high rents.” (Wall Street Journal, subscription required)
  3. City Rents Reach Three-Year High “In case anyone needed a reminder, it is expensive to live in New York.” (Crain’s New York Business)
  4. How China Tariffs Could Make Your Sweaters and Pants Cost More “The Trump administration’s threat to impose new tariffs on nearly everything that comes to the United States from China has sent American retailers scrambling.” (The New York Times)
  5. Jeff Bezos Buys Fifth Avenue Condo Spread for Around $80 Million “Amazon Chief Executive Jeff Bezos is set to finalize the purchase of three New York apartments Tuesday in a deal valued at around $80 million, according to people familiar with the transaction.” (Wall Street Journal, subscription required)
  6. Online Grocery Sales Drive Massive Demand for Cold Storage Development in U.S. “According to a new report from CBRE, the growth of online grocery sales has the U.S. market for cold-storage warehouses poised for strong growth, potentially creating demand for up to 100 million sq. ft. of industrial cold-storage space over the next five years.” (World Property Journal)
  7. The Declining Investment Levels In Opportunity Zones “For all the interest in and excitement around Opportunity Zones, an analysis by Reonomy has uncovered a surprising trend: commercial activity in Opportunity Zones is declining.” (GlobeSt.com)
  8. Great Recession 10 Years Later: Housing Prices Increase “To help keep banks alive after the financial crisis, the Federal Reserve slashed interest rates to essentially zero. A collateral beneficiary of that move was real estate, because mortgage rates also fell to unusually low levels.” (Crain’s New York Business)
  9. Why Rent Control Doesn’t Work Well in Urban Areas “Over the last 10+ years, the US has gone from constructing too many houses to not building enough housing.” (GlobeSt.com)
  10. Real Crowd Says HNW Investors Poised to Boost Real Estate Investments in 2019 “Real estate crowdfunding platform RealCrowd reports that High Net Worth (HNW) investors are looking to increase their portfolio of real estate investments during 2019.” (Crowdfund Insider)
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