10 Must Reads for the CRE Industry Today (November 9, 2017)

Kroger is using Google and Microsoft for cloud computing over Amazon, as backlash to Amazon’s growing retail business, CNBC reports. Bryant Park, in the middle of Manhattan, is developing into a residential neighborhood, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.

  1. Kroger Is Using Google and Microsoft Clouds to Avoid Paying Amazon “As Kroger moves to cloud computing, the nation’s largest grocery store chain is sending millions of dollars to Microsoft and Google. But not to Amazon.” (CNBC)
  2. Bryant Park: A Growing Neighborhood in Central Manhattan “Unlike the blocks around Gramercy Park, Tompkins Square Park or even parts of Central Park, the area surrounding Bryant Park, a nearly 10-acre spread at West 42nd Street, between Fifth Avenue and the Avenue of the Americas, has for a century been mostly a business district. And while co-ops and condos are tucked here and there across this slice of Midtown, there are only a handful of places to live. Yet with the gradual addition of new apartments, both condos and rentals, as well as amenities like major grocery stores that could pave the way for a boom, the area seems to be shifting gears.” (The New York Times)
  3. Impact Investors Can Profit from Infill Real Estate Development and Do Well by Doing Good “There have always been investors who value profitable opportunities that create a positive social and economic impact on communities and the environment.” (Forbes)
  4. A Quarter of All Taxpayers Would Pay More in 10 Years Under GOP Tax Plan: Revised Report “The Tax Policy Center, an influential nonpartisan think tank, issued a revised analysis Wednesday of the Republican tax reform plan after discovering an error in its preliminary report earlier this week.” (CNBC)
  5. Macy’s, Kohl’s Tout Varying Growth Strategies as They Report Earnings “Department-store operator Macy’s focused on profit margins in the latest quarter, while Kohl’s Corp. sought to drive sales, as the retailers took different tacks in contending with the rise of e-commerce.” (Wall Street Journal)
  6. Companies Are More Worried About Amazon Than Trump “In the early weeks and months after Donald Trump was elected U.S. president, it was all companies could talk about. While industries debated what the new administration might mean for them, stocks skyrocketed – or plummeted – as part of the ‘Trump trade’ phenomenon.” (MarketWatch)
  7. What’s Happening With Chinese Investment in New York City Commercial Real Estate? “There was a lot of nail-biting from the New York real estate community heading into this year after hearing that the biggest whale in terms of investment might not be allowed to swim in our waters. We’re talking, of course, about China.” (Commercial Observer)
  8. Manhattan Office Rents Saw Biggest Decline in 3 Years: Colliers “Manhattan office asking rents in October saw their biggest monthly decline in three years as prominent Plaza District landlords lowered pricing on some of the city’s ritziest trophy towers.” (The Real Deal)
  9. Herald Square Properties and Evo Real Estate Group MergeHerald Square Properties, meet Evo Real Estate Group. The office building investor merged this morning with the commercial brokerage and management firm to form HSP Real Estate Group, Commercial Observer has learned.” (Commercial Observer)
  10. Why Developers Can’t Find Tenants for Certain “Affordable” Apartments “In a city grappling with an affordability crisis, thousands of hopeful tenants apply for a limited number of subsidized apartments. But some developers are having trouble finding tenants to fill these spots, specifically those reserved for higher-income residents.” (The Real Deal)
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