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10 Must Reads for the CRE Industry Today (October 15, 2018)

Jared Kushner has paid almost no federal income taxes for several years, according to The New York Times. The housing market is poised to see a gentler slowdown compared to 2007, according to the Wall Street Journal. These are among today’s top must reads from around the commercial real estate industry.

  1. Housing Market Positioned for Gentler Slowdown than in 2007 “The U.S. housing market is running out of steam, but its slowdown looks nothing like the historic collapse that took down the whole economy in 2007. Home-price growth has slowed for the last several months and is expected to continue slowing as mortgage rates rise.” (Wall Street Journal, subscription required)
  2. How Jared Kushner Avoided Paying Taxes “President Trump’s son-in-law and senior adviser appears to have paid almost no federal income taxes for several years running.” (The New York Times)
  3. This Map Shows All the Locations Sears Once Operated and What It Has Left TodaySears, once the largest retailer in the U.S., has now filed for bankruptcy protection and said Monday morning it plans to close 142 more stores this year — adding to the stores the retailer already shuttered in 2018.” (CNBC)
  4. Hurricane Michael: One Mile of Devastation in Florida “We used aerial images of Mexico Beach taken before and after Hurricane Michael to assess the extent of the damage along a 1.2-mile stretch of the town.” (The New York Times)
  5. S. Retail Sales Are Soft for the Second Month in a Row “Sales at U.S. retailers barely grew in September as Americans spent less at restaurants, grocery stores and gas stations, raising questions about whether the economy slowed toward the end of summer.” (MarketWatch)
  6. Buyers See Bargains in Oversaturated Luxury Hotel Biz “New York City’s hotel-building boom has led to an oversupply of rooms — and enticing deals for aggressive acquirers who believe prices have finally hit a bottom.” (New York Post)
  7. After Hurricane Michael, What Homeowners Need to Know About Disaster Insurance “Homeowners picking up the pieces from Hurricane Michael will quickly learn an important lesson: not all hurricane-related damage is covered by home insurance.” (MarketWatch)
  8. Marshall Bennett Helped Develop the Industrial Real Estate Market in Chicago “In the 1950s, Bennett and his longtime business partner, Louis Kahnweiler, teamed up with Jack Pritzker to develop the Centex Industrial Park in Elk Grove Village, one of the largest in the
    Bennett died Saturday at his Gold Coast home from natural causes. He was 97.” (Chicago Sun-Times)
  9. Tariffs Fuel Already High Construction Costs “Tariffs are fueling already high construction costs. Raw materials tariffs, which include lumber and steel, are adding to construction costs, which are up 2.5% to 3% annually.” (com)
  10. Google Pop-Up Store to Open Next Week “After keeping the public guessing for years, Google is opening a pop-up store next week at a SoHo location the firm has leased since 2014. The shop, at 131 Green St., is scheduled to open Thursday and run through the end of the year.” (Crain’s New York Business)
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