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10 Must Reads for the CRE Industry Today (November 7, 2019)

Banks are trying to keep physical branches relevant to customers, reports the Wall Street Journal. The New York Times looks at Essex Crossing on the Lower East Side, a mixed-use development. These are among today's must reads from around the commercial real estate industry.

  1. Banks Don’t Know What to Do With Their Branches “U.S. banks have closed thousands of branches in recent years and poured billions of dollars into the smartphone apps that customers increasingly use for many of their daily banking needs. But customers still want the option of a physical branch, especially when they have problems that are tough to solve over a web chat.” (Wall Street Journal, subscription required)
  2. Essex Crossing Is the Anti-Hudson Yards “The new mixed-use mega-project on the Lower East Side heals a civic wound with hundreds of affordable apartments, community perks and a sleek home for Essex Market.” (The New York Times)
  3. Urbanspace Brings New Food Hall to Midtown “Urbanspace will expand again in Midtown, which is quickly becoming food hall central. The curator of trendy local eateries will open a 15,000 square foot food hall at the base level of the 23-story 135 W. 50th St. office tower, the Commercial Observer first reported.” (Crain’s New York Business)
  4. More People Are Going to the Mall to Eat at the Food Court, Not Shop, UBS Says “More and more people are going to the mall to eat at the food court, not to buy clothes, according to a survey from UBS.” (CNBC)
  5. Jamie Dimon says WeWork will Survive and that He’s Learned Some Tough Lessons from the Debacle “Jamie Dimon says that he has learned lessons from his bank’s advisory work for WeWork this year, and that he believes the coworking company has a shot to avoid bankruptcy.” (CNBC)
  6. U.S. Retail Real Estate Market is ‘Largely Suffering’ and Shows Little Signs of Improvement, Says Ten-X Commercial “Ten-X Commercial, the online commercial real estate platform formerly known as Auction.com, reports that the U.S. retail market is “largely suffering” in the face of rising e-commerce and massive store closures. In its latest Retail Market Outlook report, Ten-X expects the retail sector to show little to no improvement in the immediate future.” (RE Business Online)
  7. Is Our Hot Economy about to Boil Over? “A recent survey by Zillow Research of more than 100 real estate and economic experts said they expect the next recession to begin in late 2020 or early 2021. In another recent study, the Duke University/CFO Global Business Outlook survey, 69 percent of chief financial officers in the United States are expecting a recession by the end of 2020.” (Real Estate Weekly)
  8. E-commerce Growth Is Sparking Some Changes in Houston's Industrial Real Estate Market “With retail e-commerce sales in the U.S. projected to soar from $501 billion in 2018 to $740 billion in 2023, it's no wonder that Houston's industrial market is expanding faster than Santa's bag of toys.” (Innovation Map)
  9. As DC Rents Rise, Law Firms Downsize but Still Dominate “Without the city's ubiquitous law firms, Washington's real estate market would collapse. But the firms' footprints are shrinking.” (Law.com)
  10. Nashville Sees 10% Hike in Office Growth “Nashville ranks among the country's fastest-growing tech cities, with overall office rent growth of 12.2 percent between the second quarter of 2017 and mid-2019, according to a newly released CBRE report. That growth puts Music City's eighth on CBRE's list.” (Nashville Post)
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