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10 Must Reads for the CRE Industry Today (October 17, 2017)

Bitcoin is slowly making its way into the U.S. real estate industry, reports CNBC. Some commercial real estate executives are wary about a possible bust ahead, according to the New York Post. These are among today’s must reads from around the commercial real estate industry.

  1. Bitcoin Is Finally Buying Into US Real Estate “Bitcoin is already in retail and restaurants — so it was only a matter of time before the cryptocurrency took on real estate. That time is now. Bitcoin is slowly making its way into closings on everything from Lake Tahoe land in California to Manhattan condos to single-family homes in the heart of Texas.” (CNBC)
  2. Commercial Real Estate Execs Are Wary of a Possible Bust “Slow but steady commercial sales have been dragged down by affordable housing regulations and an ongoing lack of trophy-building offerings. Building owners are reluctant to sell as they worry about reinvestment opportunities. The lack of specifics about President Donald Trump’s tax cut proposal, coupled with a long economic uptick and a booming stock market, has also made real estate executives wary of a possible bust ahead.” (New York Post)
  3. New Jersey Industrial Rents Jump on Strong Demand “Strong demand for modern warehouse space helped push asking rents for New Jersey’s industrial buildings up sharply in the third quarter, with big retail tenants willing to pay a premium for locations close to New York City, according to real estate services firm JLL.” (Wall Street Journal, subscription required)
  4. Weinstein Company Agrees to a Rescue Investment From Colony Capital “The Weinstein Company secured a financial lifeline – and a potential new owner – on Monday from Colony Capital, as the embattled studio reels from the growing scandals surrounding its co-founder, Harvey Weinstein.” (The New York Times)
  5. Republicans to Tackle Next Step Toward Tax Reform This Week “Republicans this week face their next hurdle in the race toward tax legislation: a Senate budget. The 2018 budget resolution is set to reach the Senate floor this week.” (TheStreet)
  6. U.S. Online Retail Sales Likely to Surpass $1 Trillion by 2027: FTI “U.S. online retail sales will surpass $1 trillion by 2027 compared with $445 billion this year, according to a forecast by business advisory firm FTI Consulting Inc, as more Americans move away from brick-and-mortar stores.” (Reuters)
  7. New York Offices Are Getting Swankier to Lure Millennials “As gateway cities like New York continue to outperform suburban leasing markets, they are putting more pressure on companies to either relocate or establish tech-savvy teams in cities — or be left behind.” (New York Post)
  8. Ruby Tuesday to Be Taken Private in $146 Million Deal “Restaurant chain Ruby Tuesday Inc. is being taken private as it struggles with unprofitability and declining same-restaurant sales amid broader changes in casual dining.” (Wall Street Journal, subscription required)
  9. Sears’ Stock Sinks After CIO of Second-Largest Shareholder Steps Down From Board “Shares of Sears Holdings Corp. sank in active trade Monday, after the chief investment officer of the second-largest shareholder stepped down from the struggling department store chain’s board of directors.” (MarketWatch)
  10. These Were the Largest Real Estate Loans Recorded in September “The $1.6 billion in construction financing issued to Related Companies for 50 Hudson Yards was the biggest loan for September, according to data analysis from The Real Deal.” (The Real Deal)
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