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10 Must Reads for the CRE Industry Today (November 14, 2018)

New York Democrats slammed Inc.’s decision to plant its new headquarters in Queens, CNBC reports. NBA franchise are getting into real estate and other businesses to offset the construction of new facilities and the growing costs of running teams, according to ESPN. These are among today’s top must reads from around the commercial real estate industry.

  1. Alexandria Ocasio-Cortez and Other New York Democrats Pick a Fight With Amazon and Jeff Bezos Over HQ2 in Queens “Democrats from Queens, N.Y., on Tuesday slammed Amazon’s plan for offices in the area, setting up a potential political fight with one of the world’s most powerful companies. The criticism came even as Virginia lawmakers largely welcomed the technology firm's decision to open up another facility outside of Washington, D.C.” (CNBC)
  2. The NBA’s Next Big Cash Grab: Taking Over Your Downtown “That’s why the Warriors, along with a number of other NBA franchises, are looking to tech giants, million-dollar condos and buzzy restaurants to offset the construction of new facilities, as well as the price of running a team in a league whose salary cap and infrastructural budgets are ballooning.” (ESPN)
  3. Apartment Developers Are Slowing Construction. That Could Mean Higher Rents. “Rising construction costs and a tight labor market are slowing a nearly decadelong apartment boom, likely easing a burgeoning glut at the top end of the market that has been forming across the U.S.” (Wall Street Journal, subscription required)
  4. Nearly All Homes in San Francisco Are Worth Over $1M “If you want to buy a home in San Francisco, you better have $1 million to spend. At least. A whopping 81 percent of the homes in the metro San Francisco area cost $1 million or more, according to a new report from the housing website Trulia. That’s an increase of 13.7 percent since October 2017.” (New York Post)
  5. What Amazon’s HQ2 Will Mean for House Prices “Having Amazon as a neighbor could result in very different consequences for homeowners and renters. Amazon confirmed Tuesday that it will split its second headquarters, also known as HQ2, across Long Island City, N.Y., and Arlington Country, Va.” (MarketWatch)
  6. One Part Store, One Part Lab: Mall Owner Debuts BrandBox, a New Way to Allow Retailers to Test the Waters “One of the nation’s biggest mall owners has come up with a way to fill empty storefronts, and it’s offering young brands plenty of perks to move in. Macerich this weekend is launching a concept known as ‘BrandBox’ at Tysons Corner Center just outside Washington, D.C., one of the most valuable shopping malls in the U.S.” (CNBC)
  7. WeWork’s Rise: How a Sublet Start-Up Is Taking Over “Critics have derided WeWork as overvalued and vulnerable to the next downturn. But the company holds so many leases in so many cities, it might hold more power than its landlords.” (The New York Times)
  8. After Years of Renting, MTA to Buy Grand Central Terminal “The Metropolitan Transportation Authority plans to buy Grand Central Terminal as well as hundreds of miles of track for the Metro-North Railroad for $35 million.” (Wall Street Journal, subscription required)
  9. Amol Sarva Is Making Knotel Bigger Than the ‘We’ Word “But, then, the competition is only one thing on his mind. In addition to offices in Los Angeles, San Francisco, London and Berlin, Knotel purchased 42Floors, the commercial real estate search engine, with the idea of putting it to use for its new blockchain idea. But we’ll let him tell you about it.” (Commercial Observer)
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