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10 Must Reads for the CRE Industry Today (October 24, 2017)

Amazon received 238 proposals from places seeking to host the company’s second headquarters, according to Reuters. A Forbes contributor makes the case for “green infrastructure.” These are among today’s must reads from around the commercial real estate industry.

  1. Amazon Receives 238 Proposals for Its Second Headquarters “ Inc. has received 238 proposals from cities and regions across North America vying to host the company’s second headquarters, it said on Monday.” (Reuters)
  2. Investing In Nature 101: A Triple Win for Cities, Communities, and Developers “America has a big infrastructure problem. More precisely, it has a $3.6 trillion problem. That's what it will take to fix the country's aging roads, bridges, levees, water mains and other systems that sustain our communities and economy, according to the American Society of Civil Engineers. When you think of rebuilding America's infrastructure, bioswales, artificial wetlands and coral reefs probably don't spring to mind. But they should.” (Forbes)
  3. Big Mall Operator Bets That America Needs a New Mall “On a bright August morning, GGP , one of the country’s largest mall operators, did the unthinkable. It broke ground on a new shopping mall, a seemingly risky bet in a world where retailers are closing hundreds of stores and malls across the country are trying to reinvent themselves. It could be one of the last enclosed malls ever built in the U.S.” (Wall Street Journal, subscription required)
  4. Trump’s Shiny Tax-Cut Plan Has a $1.5 Trillion Problem “Congress is speeding toward a budget plan that, in the name of cutting taxes, lets the government collect $1.5 trillion less revenue for the next 10 years. One big problem: The government needs more revenue as it is – a lot more. The biggest reason is as simple as it is inevitable: Millions more Americans retire each year to go on Social Security and Medicare.” (CNBC)
  5. Airbnb CEO: Here’s How ‘Experiences’ Are Doing So Far “Fortune sat down with Chesky for an update on how the much-heralded business is performing almost a year in and the economics of ‘experiences.’” (Fortune)
  6. Irving Office Tower Goes to Salt Lake Investor “A Salt Lake City-based real estate investment firm has bought a Las Colinas office high-rise. Bridge Investment Group LLC through an affiliate purchased the 10-story Tower 1320 office building on Greenway Drive in Irving.” (The Dallas Morning News)
  7. Why Atlanta Is the Early Favorite to Land Amazon’s Second Headquarters “More than 100 cities submitted bids to become Amazon’s second corporate home—a prize that could bring 50,000 new high-paying jobs and a big boost of civic prestige. The bidding ended last week and, though Amazon is not expected to announce the winner until 2018, one city has emerged as the early favorite according to popular betting website Paddy Power. As you can see from the screenshot below, Atlanta is the frontrunner at two-to-one odds with Austin and Boston as the initial runners-up.” (Fortune)
  8. S. Multifamily Lending Up 8 Percent Last Year “According to the Mortgage Bankers Association, U.S. multifamily lending was up 8 percent year over year in 2016, with nearly three thousand different multifamily lenders providing a total of $269.2 billion in new mortgages for apartment buildings with five or more units.” (World Property Journal)
  9. Judge Orders Xceligent Contractor to Pay CoStar Damages After It Admits to Stealing Data “CoStar’s claim that its biggest competitor stole its propriety data, the basis of a December lawsuit that kicked off a high-stakes legal battle, has now been bolstered by one of Xceligent’s own contractors and a Pennsylvania judge.” (BisNow)
  10. Kushner Hunting for $600M-Plus Loan to Build BK Resi Tower “The Kushners once again have their hand out for the funding of a major project. Kushner Companies and its partners CIM Group and LIVWRK are beginning their search for a large construction loan for their 737-unit residential project at 85 Jay Street in Dumbo, The Real Deal has learned.” (The Real Deal)
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