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10 Must Reads for the CRE Industry Today (November 28, 2017)

For the second consecutive month, sales of newly built homes went up in October, according to the Wall Street Journal. WeWork is buying a service that allows hobbyists to connect, The New York Times reports. These are among today’s top must reads from around the commercial real estate industry.

  1. WeWork to Buy Meetup, the Service for Bringing Hobbyists Together “WeWork has made its name — and collected billions of dollars from investors — by providing places for people to work. Now, it is buying a social network meant to bring people together in their off time.” (The New York Times)
  2. Entry Level Buyers Drive Solid New Home Sales “Sales of newly built homes rose in October for the second consecutive month, driven by demand for entry level homes.” (Wall Street Journal, subscription required)
  3. Powell to Testify Fed Will Continue to Hike Interest Rates, Shrink the Balance Sheet “Jerome Powell, President Donald Trump’s pick to run the Federal Reserve, said he will stay on the course laid out by his predecessor Janet Yellen and continue to raise interest rates while allowing its balance sheet to gradually shrink.” (MarketWatch)
  4. It’s All About Location in the Economy Vs. Real Estate “Seen from above, the economy is doing great. For each of the last two quarters GPD grew 3 percent - that's a lot. Exports are growing. The stock market is high. Unemployment is low. The Fed makes optimistic statements about the future and may let interest rates rise. On the ground, though, there's less euphoria.” (Forbes)
  5. Senators Seek Changes to Tax Bill as Busy Week Kicks Off “Senators on Monday began a frenzied week of meetings, negotiations and amendments as Republicans try to find 50 votes for their tax bill.” (Wall Street Journal, subscription required)
  6. Cyber Monday sales set to hit $6.59 billion, the largest ever online sum for a US shopping day “Cyber Monday sales were on pace to hit $6.59 billion by the end of the day, Adobe Insights revealed Monday evening.” (CNBC)
  7. Investors Are Piling Into This Hot Real Estate ETF “Too much vanilla is growing tiresome for yield-hungry investors. So they’re trying out more exotic flavors – including a particularly hot real estate exchange traded fund.” (Bloomberg)
  8. Don’t Look Now, But WeWork Might Be Raising Even More Money: Reports “WeWork already raised more than $6 billion from investors, but that doesn’t seem to be enough. Last week the company’s executives held talks with Israeli institutions about raising hundreds of millions through bond sales in Israel, according to local news reports.” (The Real Deal)
  9. Midwest Furniture Chain Expands Footprint with Two Family Businesses “With the two acquisitions, Art Van becomes a top ten national furniture retailer based on sales, with 176 stores and $1.3 billion in expected annual sales.” (Chain Store Age)
  10. Wells Fargo Agents $217MM Upsize for NYC’s Largest Commercial Property OwnerSL Green Realty Corp., New York City’s largest commercial property owner, announced that it has refinanced, extended and expanded its unsecured corporate credit facility by $217 million, to $3.0 billion.” (ABL Advisor)
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