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10 Must Reads for the CRE Industry Today (November 22, 2017)

Janet Yellen says one of the “biggest challenges” facing the Federal Reserve is inflation remaining below its 2% target, according to MarketWatch. Urgent care centers are taking up vacant retail space, Crain’s New York Business reports. These are among today’s top must reads from around the commercial real estate industry.

  1. Urgent Care is Latest Prescription for Retail Landlords “Once an upstart with its self-service, low-priced footwear retail concept, Payless ShoeSource has struggled of late. But even before the retailer filed for bankruptcy protection earlier this year and announced the closure of up to 22 stores in New York City, an unlikely savior had swooped in: urgent care.” (Crain’s New York Business, subscription required)
  2. Yellen Says Inflation Below 2% Goal Poses One of Fed’s ‘Biggest Challenges’ “As Federal Reserve Chairwoman Janet Yellen’s tenure nears its end, she said one of the ‘biggest challenges’ to the central bank remained inflation staying below its 2% target.” (MarketWatch)
  3. GOP Tax Plan Could Stymie Veterans Housing Provider “A nonprofit that offers housing and services to veterans this week purchased a 528-unit portfolio in suburban Chicago, but officials said similar deals could be imperiled by the House tax-overhaul bill passed last week.” (Wall Street Journal, subscription required)
  4. Real Estate Agents Mobilize to Shield Homeowners on Tax Plan “For decades, the real estate industry has benefited from generous tax deductions that raise home values by making it cheaper for people to own property and shoulder their local taxes. Now, as the Republican tax plan makes its way through Congress, the industry is worried that the fallout will harm its business by making homeownership less valuable.” (The New York Times)
  5. Mall Owners Ramp Up Holiday Spending in an Era of Diminished Expectations “The biggest mall and mixed-use center landlords across the U.S. are digging deep into their pockets to attract customers this holiday season, rolling out everything from winter castles and Santa sightings to gingerbread-making classes and temporary skating rinks.” (Wall Street Journal, subscription required)
  6. Amazon's Landlord: How The E-Commerce Boom Is Propelling Warehouse King Prologis To New Heights “While internet shopping has devastated demand for traditional retail spaces, it has had the opposite effect on industrial real estate. Amazon is Prologis' largest tenant, occupying 16 million square feet. (Prologis is also Amazon's largest landlord, accounting for 13% of the warehouse space it operates.) Why? Getting a book to you in less than 48 hours (Amazon Prime's promise) means already having it--and several thousand other items--nearby when you order.” (Forbes)
  7. Manhattan Retail Rents Are in Their Worst Slump in 17 Years “Manhattan retail rents have slid into their deepest and longest slump in 17 years, a new report confirms – with Soho rents slashed by more than a third since their 2015 peak.” (New York Post)
  8. Why Does Affordable Housing Cost So Much to Build? “Housing affordability is a problem, and building publicly subsidized housing that’s dedicated to low- and moderate-income households is so expensive that the problem won't get easier, says Joe Cortright for CityLab.” (Multifamily Executive)
  9. Local Pols Shop for Solutions to Retail’s Crisis “Retail rents may be on the decline, but they are still too high for many independently owned businesses. That has provoked a number of ideas from the City Council. Few have passed, though, and one remains tantalizingly out of reach.” (Crain’s New York Business, subscription required)
  10. Dov Hertz Buying 4-Acre Red Hook Site Next to IKEA “Dov Hertz’s DH Property Holdings, in partnership with Goldman Sachs Asset Management, entered a contract to acquire a four-acre development site next to the IKEA store in Red Hook, The Real Deal has learned.” (The Real Deal)
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