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10 Must Reads for the CRE Industry Today (March 5, 2019)

Non-profit health care systems have about $600 billion in real estate they might dispose of, according to Senior Housing News. Amazon has become a desired mall tenant, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. The Ideal Conditions for Sound Art and Office Productivity Aren’t So Far Apart “Co-working spaces—the voguish real-estate container for desk workers in the gig economy—are intended to disrupt precisely this sort of design. If you contrast them with older office models, some of the most striking differences relate to sound. Gone are the sound-absorbing dropped ceilings and acoustical tile, cubicle dividers, wall-to-wall carpets, and upholstered chairs. In their place are reflective high ceilings with exposed H.V.A.C., hardwood surfaces, mesh chairs, and lots and lots of glass. The goal is a buzz, similar to the free-flowing coffee and beer that many provide to their clients.” (The New Yorker)
  2. Real Estate Technology Has a New Home in New York City “Real estate technology has seen unprecedented innovation—not to mention investment—over the last few years. And now, thanks to a new facility from venture capital fund MetaProp, the industry stands to gain even more ground, especially in the New York market. The VC has just announced the launch of its ‘PropTech Place’—a hub for all things property tech-related. Located at 214 W. 39th Street in Manhattan, the spot boasts co-working spaces, curated ‘PropTech’ exhibits and a full calendar of educational events and programming.” (Forbes)
  3. Revitalization Projects Reawaken Downtown Los Angeles “Los Angeles’s downtown was little more than a sleepy office district not too long ago, where tens of thousands of suburbanites would clear out by the end of the workday and scores of classic Beaux-Arts and Art Deco buildings sat vacant or underutilized. ‘It didn’t even have a grocery store until Ralphs opened about 10 years ago,’ said Andrew D. Tashjian, a Los Angeles native and commercial real estate broker. ‘Downtown was dead.’” (The New York Times)
  4. Welltower CEO: $600 Billion in Health Care Real Estate Up for Grabs, Expect Disruption “Nonprofit health systems in the United States have about $600 billion worth of real estate sitting on their balance sheets. These organizations will reconfigure their holdings in the years to come, and this will be the greatest source of disruption in the health care real estate business, according to Tom DeRosa, CEO of Welltower.” (Senior Housing News)
  5. Amazon, Long Seen as a Threat to Malls, Is Now a Hot Tenant “Shopping center owners have long blasted Inc. as a destroyer of their business. Now some are starting to view Amazon as a potential savior. At a time when Sears Holdings Corp. and Macy’s Inc. are shutting down stores, and many malls are struggling to attract high-profile tenants to fill empty spaces, the giant online retailer has been ramping up its presence in physical retail.” (Wall Street Journal, subscription required)
  6. California Lawmakers Target Cities’ Ability to Block New Housing “Build, build, build. The spirit of housing construction has imbued the state Capitol with renewed fervor this year as Gov. Gavin Newsom and coastal lawmakers push for policies to spur what they say is badly needed development to get soaring rents and home prices under control. Advocates who work on housing issues in California say the topic is taking center stage like never before, with more than 200 bills introduced this session.” (San Francisco Chronicle)
  7. Ariel Property Advisor’s Shimon Shkury Sheds Light on NYC’s Multifamily Market “Shimon Shkury, President and Founder of Ariel Property Advisors, one of New York City’s leading investment real estate services and advisory companies, shares his valuable insight about New York City’s multifamily property market, what has been driving activity, where he sees opportunities, and his forecast for 2019. How did the multifamily market perform in 2018? The New York City multifamily market in 2018 performed much better than 2017, with dollar, transaction and property volume recording gains on an annual basis.” (Commercial Observer)
  8. $1 Billion Collin County Community Is Growing with Land Purchase “A $1 billion Collin County residential development is growing with a big land purchase. Developer Cambridge Cos. has acquired an additional 557 acres for its Mustang Lakes project in Celina. The land buy will allow for an additional 1,600 homes in the 3-year-old residential community located at near Preston Road at Roseland Parkway, north of U.S. Highway 380.” (Dallas Morning News)
  9. JPMorgan Prepares to Demolish HQ to Build New One “As JPMorgan prepares to demolish its old headquarters at 270 Park Ave., reports that a work elevator has popped up alongside it. The 52-story structure is to come down so the bank can put up a modern, 70-story headquarters tower. We’ll take it as a sign that JPMorgan intends to move swiftly on its demolition plan, which it filed with the city in January.” (New York Post)
  10. Property Owner Files Suit Against City in Land Dispute “A property owner, who alleges some of his downtown land just north of Market Street was used for the new park, is suing the City of Huntingburg. Grant Swartzentruber of Washington-based GSES LLC claims in his lawsuit that the city used part of his property, located at 317 E. Fourth St., without permission. The property includes China Wok on the first floor and apartments on the second floor. Market Street Park is located behind Old Town Hall between Third and Fourth streets. The park opened in October.” (The Herald)
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