- Rising Treasury Yields Quiet Investors’ Concerns “Yields on U.S. government bonds have rebounded from near-historic lows hit just two months ago, sending one of the clearest signals yet that investors’ recent recession fears have waned. A series of developments have combined to boost the economic outlook, spurring selling in bonds and powering a steep climb in the 10-year Treasury yield—a key benchmark that helps set borrowing costs on everything from corporate debt to mortgages.” (Wall Street Journal, subscription required)
- Facebook Is Moving Into More Than 1.5 Million Square Feet of Office Space in New York’s Hudson Yards “Facebook has signed a lease at Hudson Yards for more than 1.5 million square feet of office space and plans to move into the new offices next year. The lease includes office space across 30 floors and three buildings in the far West Side neighborhood, Hudson Yards announced Thursday. The lease includes 1.2 million square feet of space at the 1,000-foot-tall tower 50 Hudson Yards, as well as 265,000 square feet in 30 Hudson Yards.” (CNBC)
- Tale of Two Cities: Amazon HQ2 Sends Two Urban Neighborhoods in Different Directions “Homeowners in New York and Virginia thrilled at the prospect of surging property values in the wake of Amazon’s HQ2 announcement last November could not have predicted how their fortunes would diverge one year later. This time last year, the retail giant announced it would split its second headquarters between two urban industrial sites in Long Island City, Queens, and Crystal City, Virginia, bringing 25,000 jobs and the promise of economic stimulus.” (MarketWatch)
- In Midst of Biotech Boom, All Eyes on Huge South San Francisco Housing Project “Over the last year, San Bruno and Cupertino, both high-flying tech boomtowns, have become notorious for trying to kill major housing developments. Now proponents of residential development on the Peninsula are hoping South San Francisco — the home of fast-growing biotech giants — doesn’t become the newest member of the NIMBY club.” (San Francisco Chronicle)
- Malls of Tomorrow Will Be Less Big Box, More Lifestyle, and Play Well with E-Commerce Too “Fourteen miles outside of Boston, the ground floor of what was a Sears at Burlington Mall has been stripped down to the steel. Renovations scheduled to finished in summer 2020 will transform the space into a ‘streetscape’ of smaller stores and restaurants facing out on to dining patios and a one-acre park. (Consumers who aren't keen on harsh weather need not worry, the interior connecting hallways will remain open.) The rest of the mall is evolving too, getting a ride-sharing waiting room, a media lounge, and a kids' play area that will also have party rooms.” (Fortune)
- How Real Estate Investors Are Banking on Technology to Deliver Profits “In the future, potential renters may visit available units, apply for leases and execute paperwork without ever seeing a human being. That’s what PropTech investor John Helm is banking on. Helm is the managing director for Real Estate Technology Ventures (RET Ventures), an industry-backed early stage investor fund.” (Miami Herald)
- A 24-Year-Old Is Suing Pension Fund for Not Being Green Enough “Mark McVeigh, a 24-year-old environmental scientist from Australia, won’t be able to access his retirement savings until 2055. But, concerned about what the world may look like then, he’s taking action now, suing his A$57 billion ($39 billion) pension fund for not adequately disclosing or assessing the impact of climate change on its investments.” (Fortune)
- First Look: Eight Things to Know About Starbucks’ Massive New Store in Chicago “Starbucks Coffee Company is opening its largest location ever, a 35,000-sq.-ft. location in Chicago, on Friday. The new Starbucks Reserve Roastery, housed inside Crate & Barrel’s former flagship on Michigan Avenue, marks the company’s sixth location of its upscale roastery format, an experiential concept that specializes in premium small-batch roasting coffees. Designed to celebrate the company’s heritage, the roasting and craft of coffee and the locale, the five-floor Chicago outpost boasts three coffee bars, a cocktail bar and a bakery and cafe.” (Chain Store Age)
- West Dallas Building Will Be One of Area’s First Opportunity Zone Projects “One of Dallas’ first Opportunity Zone developments will be a new self-storage center west of downtown Dallas. Central Southwest Texas Development LLC is building the project on Lone Star Drive near Interstate 30 in West Dallas. The 141,950-square-foot self-storage center will be on a 2.4-acre site that is in one of the more than a dozen federally designated Dallas Opportunity Zones that qualify for special tax breaks.” (Dallas Morning News)
- NYC to Launch Proptech Pilot Program for its Real Estate “A new program will let proptech startups test out their products throughout the portfolio of the biggest property owner throughout the five boroughs: the City of New York. The New York City Economic Development Corporation will launch a pilot program that allows companies to implement proof-of-concept property technology products in the city’s 326.1 million square feet of owned and managed real estate, Vicki Been, the deputy mayor for housing and economic development, announced at yesterday’s MIPIM PropTech conference in Chelsea.” (Commercial Observer)
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