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10 Must Reads for the CRE Industry Today (October 16, 2017)

Central bankers and finance officials are keeping an eye on the selection of the next chief of the Federal Reserve, according to the Wall Street Journal. Neiman Marcus' sales associates have access to regular customers' online browsing history on the store's website, reports the New York Post. These are today’s must reads from around the commercial real estate industry.

  1. World’s Central Bankers, Finance Officials Keep Close Eye on Selection of Next Fed Chief “As central bankers and finance ministers from around the world gathered in Washington last week, the discussion returned many times to the fate of one person in particular: Federal Reserve Chairwoman Janet Yellen.” (Wall Street Journal, subscription required)
  2. Kushner Plan for Fifth Avenue Tower Is Being Blocked by Partner “An ambitious plan by Jared Kushner’s family to recast its indebted Fifth Avenue office building as a luxury architectural trophy is collapsing, setting off a chain of events that may imperil the Kushners’ ownership of a property central to their real estate empire.” (Bloomberg)
  3. Neiman Marcus Stores Can See What Customers Are Buying Online “Neiman Marcus’ new marketing tool has a whiff of Big Brother. Regular Neiman customers might be surprised to know that their online browsing history on the store’s Web site is available via company-issued iPhones to their sales associate while they’re browsing the racks.” (New York Post)
  4. Rent the Runway Chases the Fast-Fashion Shopper “Rent the Runway, a fashion rental service popular in big U.S. cities, is set to launch a new plan to test whether women in Middle America are willing to borrow apparel rather than buy it.” (Wall Street Journal, subscription required)
  5. Want to Be a Landlord? These Are the Top markets This Fall for Investing in Rental Homes “High prices and a tight supply of houses for sale are not exactly the best mix for homebuyers, but they're even worse for investors looking to become landlords. Sure, both tenant demand and rental returns are also high, but if the cost to get in is too high, the math doesn't work. The good news is, as always, all real estate is local, so while the national picture may look bleak, certain local markets still offer lucrative options. (CNBC)
  6. Tired of the Office? Microsoft Builds Treehouses for Its Employees “There’s no daydreaming about being outside at Microsoft Corp.’s new meeting spaces. You literally are in the great outdoors. Last week, Microsoft unveiled a network of treehouses on tis Redmond, Wash., campus, as part of an effort to boost employees’ creativity and happiness.” (MarketWatch)
  7. Economy Watch: Bioscience Firms Will Pay Premiums for Prime Space “Life sciences employers are willing to pay high rents to be near hard-to-find talent. With laboratory space being scarce and rents continuing to rise, firms are facing the pressure to make their spaces desirable while keeping costs under control.” (Commercial Property Executive)
  8. Javits Center and Moynihan Train Hall Push Up Construction Starts in August “Construction has ramped up in New York City—boosted by the start of massive institutional projects such as the Jacob K. Javits Convention Center expansion and the Moynihan Train Hall conversion.” (Commercial Observer)
  9. Apple Is Putting the Finishing Touches on Its $5 Billion Campus — Including Private Basketball Courts “Apple is putting the finishing touches on its new "spaceship" headquarters, a little over a month after the company invited journalists and guests to its on-campus theater for the iPhone X launch.” (Business Insider)
  10. Slow Growth, Plentiful Promise in Fort Lauderdale “After years of dormancy in the wake of the financial crisis, office construction is finally sprouting in Fort Lauderdale, where more than 585,000 square feet of space is expected to come online by the end of the year.” (Commercial Property Executive)
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