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10 Must Reads for the CRE Industry Today (October 4, 2019)

Investors have ramped up their expectations for a rate cut at the Fed’s Oct. 29-30 meeting, reports The New York Times. There is a growing demand for shorter-term meeting and event space outside of company offices, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Meeting-Space Companies See Big Money in Manhattan “A British company that builds and rents out meeting space in office properties is expanding in New York City, challenging hotels and other operators for a slice of the city’s more than $10 billion annual conference business.” (Wall Street Journal, subscription required)
  2. Another Fed Rate Cut Is Expected After Weak Economic Data “Top Federal Reserve officials have said they are open-minded about whether additional interest rate cuts will be necessary in 2019, but recent economic data are putting that equanimity to the test.” (The New York Times)
  3. Coworking Has Boomed in Houston, But the Model May Need Tweaking “Coworking spaces and other flexible work environments where tenants can rent desks or offices by the month occupy more than 1.4 million square feet in buildings throughout the Houston area, three times as much as they did in 2010, new data show.” (Houston Chronicle)
  4. Denver’s Apto Raises $5M for Commercial Real Estate Software “Denver-based commercial real estate software company Apto announced last week that it has raised $5 million to further build out its platform.” (Colorado Inno)
  5. What’s The Big Deal With JLL Technologies? “Real estate services giant JLL recently launched a new division, JLL Technologies. This group encompasses all tech-related activities under the JLL umbrella, including the JLL Spark PropTech venture fund, and will be led by Spark co-CEOs Mihir Shah and Yishai Lerner. Forbes spoke to Shah and Lerner to find out more.” (Forbes)
  6. Massive 6 Million-Square-Foot Development Breaking Ground in North Austin Neighborhood “A massive mixed-use development that’ll be a next-door neighbor of the Domain complex is taking shape in North Austin.” (Culture Map)
  7. Offices Flex Their Wellness Muscles “From a landlord’s perspective, fitness centers can be a great capital improvement because they serve as a differentiator for tenants looking to recruit the younger, more amenity-hungry talent they want. It becomes both an investment in improving the building while also a marketing expense designed to attract and retain tenants.” (GlobeSt.com)
  8. Realogy Recognized for AI Leap “Realogy has been recognized for its work in artificial intelligence.” (Real Estate Weekly)
  9. WeWork Is Imploding. More Co-Working Spaces Could Be Next “Does this mean that co-working is a bust? Can WeWork-type companies actually make money? It’s possible to make money, especially for established players, but it isn’t the cash cow or industry of the future that Neumann made it out to be.” (Vice)
  10. Fed’s Mester Warns Low Rates Can Fuel Financial Imbalances “Cleveland Fed President Loretta Mester said Thursday there was a risk of financial imbalances developing in an environment of low interest rates and that the central bank had relatively few tools to address such issues outside of monetary policy.” (Wall Street Journal, subscription required)
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