- This Mall CEO Thinks Gap and Abercrombie Need to Close a Ton More Stores “A word of advice to execs at Gap and Abercrombie & Fitch -- you are still too big to be highly profitable, so keep closing stores. That matter-of-fact guidance comes compliments of General Growth Properties CEO Sandeep Mathrani, who has been leading the operator of 131 mostly A-rated U.S. malls since it emerged from bankruptcy in 2011.” (The Street)
- Zip Codes with the Biggest Boom Towns “Each of the following 10 ZIP codes has seen one to five times the average job growth of the top 100 counties in the country, one to seven times the average growth of households and one to six times the average growth of housing starts. The continued growth in households over the next five years for each of these markets is projected to be 9 to 19 percent.” (CNBC)
- Home Prices Are Up in Nearly 9 Out of 10 Cities “Single-family home prices rose in 87% of metro areas in the first quarter of the year, more than the 81% recorded in the first three months of 2015, just another sign of a housing market in which demand is crushing supply. Across the country, the national median price for a previously-owned single-family home was $217,000, up 6.3% compared to a year ago, the National Association of Realtors said Monday.” (MarketWatch)
- Billionaire Reinmann Family Adding Krispy Kreme to its Empire “After building a coffee empire ranging from Portland’s hipster Stumptown Coffee Roasters to single-serve mainstay Keurig, the Reimann’s JAB Holding Co. investment company, wants its growing stable of consumer brands to add some high-calorie oomph: Krispy Kreme Doughnuts Inc. The $1.35 billion deal, announced Monday, puts the intensely private Reimann clan -- Wolfgang, Stefan, Renate and Matthias -- on a potential collision course with Krispy Kreme’s rival of the moment, the mighty Starbucks Corp.” (Bloomberg)
- The Real Estate Chiefs Who Get Paid the Most “CEO pay may be increasingly coming under the microscope these days, but real estate’s top NYC executives are still raking it in. Although public companies are changing their compensation models to ensure that CEOs don’t get monster pay packages while their companies’ finances falter, so far pay reductions have remained largely at bay. This month The Real Deal combed through disclosures filed with the U.S. Securities and Exchange Commission to find out just how much some of the industry’s top-paid chiefs are bringing home.” (The Real Deal)
- Are Trump and Bernie Right? What That Means for Real Estate “No wonder voters are angry. Either they lost good jobs or they can’t find any. Especially in the South. The textiles and clothing industry of South Carolina, Georgia and Alabama was almost wiped out. A lot of jobs disappeared in the Northeast and Midwest too, in steel and machinery, in electrical and plastic products, even a million jobs lost making computers. But what’s the cure?” (Forbes)
- Home Builders Say They Are Squeezed by Rising Compliance Costs “The average cost for home builders to comply with regulations for new home construction has increased by nearly 30% over the last five years, according to new research from the National Association of Home Builders. Regulatory costs such as local impact fees, storm-water discharge permits and new construction codes, which have risen at roughly the same rate as the average price for new homes, make it increasingly difficult for builders to pursue affordable single-family construction projects, the group argues.” (Wall Street Journal)
- How Your Real Estate Assets Can Provide a Big Payoff to Charity “With the richest men in the world such as Bill Gates, Warren Buffett and Mark Zuckerberg giving away their fortunes, you may wonder whether you have similar options and what the tax benefits would be. Chase Magnuson, director of the Planned Giving Department-Real Estate at George Washington University and co-author of ‘The Secret Power Behind Real Estate Donations,’ said giving away property can be tricky if not done correctly.” (The Washington Post)
- Tech, Healthcare Tenants Driving Growth in the Office Sector “According to a new report from CBRE Group, the overall U.S. national office property market recovery slowed slightly in the first quarter of 2016 amid financial market volatility. However, as financial markets stabilized later in the quarter, office-using job growth accelerated, likely signaling stronger tenant demand in the months ahead.” (World Property Journal)
- Yardi Matrix: Orlando’s Economic Boom “Buoyed by record tourism numbers and strong job growth, Orlando‘s economy is booming. Along with significant population gains, those are ingredients for a healthy multifamily market, which is seeing strong rent growth, increasing development and record transaction activity. Tourism and business conferences remain pillars of Orlando’s economy, but the economic landscape is increasingly diversifying.” (Commercial Property Executive)
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