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10 Must Reads for the CRE Industry Today (May 11, 2018)

Economists believe the next recession in the U.S. could start in 2020, according to the Wall Street Journal. Slate analyzes how universities became big-time real estate developers. These are among today’s must reads from around the commercial real estate industry.

  1. Economists Think the Next U.S. Recession Could Begin in 2020 “The economic expansion that began in mid-2009 and already ranks as the second-longest in American history most likely will end in 2020 as the Federal Reserve raises interest rates to cool off an overheating economy, according to forecasters surveyed by The Wall Street Journal.” (Wall Street Journal, subscriptions required)
  2. Why Universities Became Big-Time Real Estate Developers “Harvard’s Allston plan may be the largest university-led urban development project in the country. But you would be hard-pressed to find a peer institution that has not thrown itself into commercial property development.” (Slate)
  3. With Steve Wynn Gone, ‘Queen of Las Vegas’ Does Boardroom Battle “Elaine Wynn, known as the Queen of Las Vegas for her long involvement with Mirage and Wynn Resorts, the casino and resort companies she founded with her ex-husband Steve Wynn, might seem an unlikely champion of shareholder rights and good corporate governance.” (The New York Times)
  4. A Growing Share of Millennials Are Living with Mom “Looks like many millennials won't have to go out of their way to see mom for Mother’s Day. That’s because nearly 23 percent of millennials already live with their mother, according to a new report from Zillow, an online real estate database company. In 2005, about 14 percent did so.” (CNBC)
  5. Trump Branding Woes Felt in Chicago Too “Unable to find office tenants for the mostly empty commercial space in Donald Trump's riverside skyscraper, the property's brokers are shifting gears once again. And one thing is noticeably absent from their marketing materials: the Trump name.” (Crain’s Chicago Business)
  6. aSingle-Family Rental Investors: Avoid These Nine Fair Housing Mistakes “It comes as a surprise to some single-family real estate (SFR) investors, especially those purchasing their first rentals, that the Fair Housing Act applies fully to them. Often, they think of the legislation as governing the actions of multifamily property landlords. For this reason, or simply because they don’t fully understand the provisions and nuances of the act, SFR investors may end up inadvertently saying or doing things in violation of the law.” (Forbes)
  7. Artist Loses Rent-Stabilized Tribeca Loft, Fined $185K for Putting It on Airbnb “A Manhattan judge has ordered an artist booted from her $1,500-a-month Tribeca loft and is making her pay a record-setting $185,000 fine for illegally renting it out on Airbnb.” (New York Post)
  8. Morgan Stanley Downgrades Macy’s on Declining Sales, Profit ‘Pressure’ from OnlineMacy’s stock will fall as the company's physical store sales deteriorate, according to one top Wall Street firm.” (CNBC)
  9. Starwood Capital Wants to Build a New HQ in Miami Beach “Barry Sternlicht’s Starwood Capital Group plans to develop a new headquarters in Miami Beach to move into by 2021, according to a memo sent out to employees reviewed by The Real Deal.” (The Real Deal)
  10. NYC Sales Posting Highest Volume in Six Quarters “The New York City investment sales market demonstrated some signs of life in the first quarter by posting the highest dollar volume in six quarters with more than $12.4 billion was traded.” (Commercial Observer)
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