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10 Must Reads for the CRE Industry Today (November 13, 2019)

Mall of America wants control of empty three-store Sears space, reports Fox Business. The Washingtonian compares different co-working spaces. These are among today's must reads from around the commercial real estate industry.

  1. Mall of America Wants Control of Empty Sears Store “The Mall of America has an empty three-story space that it wants to use to generate more traffic. Financier Eddie Lampert still has the lease on the space for $10 in annual rent, according to court papers seen by Dow Jones.” (Fox Business)
  2. Fed’s Powell Signals Comfort With Current Interest-Rate Stance “Federal Reserve Chairman Jerome Powell told lawmakers Wednesday that the central bank saw little need to cut interest rates further after making three reductions between July and October.” (Wall Street Journal, subscription required)
  3. Thinking of Joining a Coworking Space? We Compared Them. “So why is Washington D.C. home to so many of these flexible-workspace options? Plenty of reasons, says economist and George Mason public-policy professor Stephen Fuller, who calls DC an “office-oriented economy.” (Washingtonian)
  4. Texas Investors Buy Big San Jose Shopping Center with Safeway Anchor “A big retail center on the west side of San Jose has been bought by a Texas real estate firm that also has embarked on a wide-ranging redevelopment of Cambrian Park Plaza in southwest San Jose.” (The Mercury News)
  5. Luxor Esports Arena Operator Moves Toward an Asset-Light Strategy “Allied Esports Entertainment announced a partnership with a subsidiary of Simon Property Group — a commercial real estate company that operates shopping malls — back in June, with Simon purchasing $5 million of stock and agreeing to collaborate with Allied to build esports venues at its properties. These sorts of partnerships would allow Allied to run an esports venue without having to purchase the real estate itself.” (Las Vegas Review-Journal)
  6. Industrial Vacancy Rate Keeps Falling Amid 'Unbelievable' Demand “It’s getting hard to find new superlatives to describe the strength of the market for warehouse space in the Chicago area.” (Crain’s Chicago Business)
  7. Co-working Grows Up After WeWork Drama “As WeWork struggles to restructure its business, other leaders in the flex space sector believe there’s still room for their own growth for the increasingly popular concept. According to the Real Estate Board of New York, co-working space currently accounts for 12-15 percent of the city’s market and recent industry reports have suggested the sector will do well even in an economic downturn.” (Real Estate Weekly)
  8. Hashing Out What Recreational Marijuana Means for Illinois' Retail Sector “New Year’s Day 2020 will usher in a new era in Illinois. On that date, the limited sale of recreational marijuana will be legal—a move that will have wide impacts not just on society but the commercial real estate industry as well.” (RE Journals)
  9. Big-Box Retail and Shopping Mall Solar: From the Possible to the Probable to the Inevitable “Shopping malls and similar venues present attractive, big-time opportunities as potential sites for grid-connected solar power, energy storage and intelligent, highly energy-efficient facilities management.” (Solar Magazine)
  10. Co-Living Real Estate Trend Has Renters Saving Thousands “More than half of renters (66 percent) are in a co-living situation whether it’s living with roommates, significant others or parents, according to data from San Francisco-based rental platform Zumper. And with rising rent costs and people getting priced out of major cities, co-living can be an affordable option.” (Fox Business)
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