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10 Must Reads for the CRE Industry Today (November 2, 2018)

New York City is launching a pilot program to allow developers to compete for public financing to build more co-living spaces, The New York Times reports. Five Below is proving itself to be Amazon-proof, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Co-Living Goes Affordable “The co-living trend — in which renters lease sleeping quarters that are often tiny, and share common living space with roommates — now has the city’s official backing. On Thursday, the New York City Department of Housing Preservation and Development is expected to announce a pilot program that will allow developers to vie for public financing to create a more affordable version of the dorm-style living arrangement that has emerged in some of the city’s priciest neighborhoods.” (The New York Times)
  2. Five Below, the Amazon-Proof Store “Many retailers are closing stores. Five Below Inc. can’t seem to open them fast enough. The chain, which sells everything from Spalding basketballs to Bluetooth headphones and yoga mats for $5 or less, might be the most successful retailer you’ve never heard of.” (Wall Street Journal, subscription required)
  3. Renters Are Struggling More Than Homeowners: Survey “Financial stress visits renters more than homeowners. That’s the main takeaway from a new report by the Urban Institute, a nonpartisan think tank in Washington. (CNBC)
  4. Leaving Los Angeles: What the New Exodus Inland Tells Us “Then the economy crashed, jobs dried up, the loosey-goosey mortgages people had relied on to finance their purchases stopped cooperating, and the exurbs emptied out. Now, that trend seems to be back. Californians are fleeing the high-cost cities and heading inland. Is it a sign of another bubble? Or a confirmation that the cutthroat housing market is turning some pricey cities into gated communities?” (MarketWatch)
  5. Manhattan Sales Are Falling, and Residences are Shrinking “During New York’s real-estate boom, giant apartment towers soared into the clouds. But now that the market has cooled, some of those developers are producing some extraordinarily tiny townhouses.” (Wall Street Journal, subscription required)
  6. Geoffrey’s Toy Box Is Coming to Kroger This Holiday Season “You’ll still be able to buy some Toys R Us brands this holiday season, but you’ll have to do it at Kroger. The grocery store chain has partnered with the hedge fund owners of the Toys R Us brands to bring Geoffrey’s Toy Box sections to around 600 Kroger locations this holiday.” (CNBC)
  7. Trump Complaints or No, Fed December Interest-Rate Hike Looks Like ‘Done Deal’ After Strong Jobs Report “The strong October jobs report supports the consensus view that the Federal Reserve will raise interest rates again in December. ‘December is largely a done deal,’ said Kathy Bostjancic, economist at Oxford Economics.” (MarketWatch)
  8. Say It Ain’t So: Is Texas Turning into California “When economist James Gaines gave a talk recently about the economy and the real estate market, his biggest audience response came from an unexpected topic. Gaines, chief economist at the Real Estate Center at Texas A&M University, told hundreds of local real estate agents what to expect in the years ahead regarding the state's population growth and demographic changes.” (The Dallas Morning News)
  9. Knotel and CompStak Team Up on Zestimate for Offices “The office provider Knotel’s blockchain network, Baya, is forming an alliance with CompStak, the crowdsourcing leasing data company, to essentially create what they claim will be commercial real estate’s first Automated Valuation Model (AVM).” (Commercial Observer)
  10. Is Downtown San Diego Slowly Becoming a Tech Hub? “Witnessing an increased development activity and multiple tech companies moving here, Stockdale Capital Partners acquired a 10-acre aging mall, planning to redevelop it into a mixed-use property anchored by creative office space.” (Commercial Property Executive)
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