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10 Must Reads for the CRE Industry Today (October 5, 2018)

Mattress Firm Inc. has filed for bankruptcy and will close 700 stores, the Wall Street Journal reports. CNBC details three fast-growing cities that are still affordable. These are among today’s top must reads from around the commercial real estate industry.

  1. 3 Hot Cities Where Jobs Are Plentiful Yet Housing Is Still Affordable (For Now) “The more people that live, and clamor to live, in a given city, the higher housing prices tend to go. In San Francisco, for example, one of the most populous cities in the country, the median home value is $1.3 million and median monthly rent is $4,500. That’s more than six times the national median home value of $216,700 and two-and-a-half times the $1,655 national median rent.” (CNBC)
  2. Mattress Firm Files for Chapter 11 Bankruptcy “Mattress Firm Inc., the largest U.S. specialty-mattress retailer by number of stores, has filed for bankruptcy and plans to close up to 700 retail stores.” (Wall Street Journal, subscription required)
  3. Foreclosed Homes Are Appreciating Faster Than the Typical U.S. Home “Homes that were foreclosed on during the recession are rising in value at a breakneck pace, much faster than the typical U.S. home.” (MarketWatch)
  4. Bed Bath & Beyond Struggles to Clear the Clutter, Close the Price Gap “Bed Bath & Beyond Inc. survived the recession and outlasted competitor Linens ‘n Things, positioning the seller of towels, bedding and other home-related items to reap the rewards of a booming U.S. housing market.” (Wall Street Journal, subscription required)
  5. Target Is Back to Its ‘Cheap Chic’ Roots, Now Comes the Hard Part “The work taking place throughout this creative space has been key to Target’s latest successes, putting the company in a stronger position following a sales slump in the early 2000s that drove Target into somewhat of an identity crisis. Battling names like Walmart, Kroger, Kohl’s, and increasingly Amazon for market share, Target started to drift away from its fashion and design roots — its ‘cheap chic’ heritage — in the wake of the Great Recession, which thrust many businesses into a rut late in ‘08 and ‘09.” (CNBC)
  6. CoStar Starts Going After Password-Sharing Users in Latest Legal Blitz “CoStar Group is following through on its threat to sue individuals who steal access to its platform. The $14B, D.C.-based commercial real estate data giant filed seven lawsuits Wednesday evening in six different federal courts against real estate professionals based in New Jersey, California, Oregon, Texas and Georgia.” (BisNow)
  7. BuzzFeed Is Opening a Quirky Toy Store in NYC This Fall “BuzzFeed is dipping its toes into the retail business with an offbeat plan to open a quirky toy store in Manhattan this fall, The Post has learned.” (New York Post)
  8. A Window of Opportunity: OZs Are Ripe for Real Estate Investing “For the first time in history, a vacant parcel of land on the Lower East Side of Manhattan has a common economic thread with low-income areas in Idaho. They are among the nearly 9,000 census tracts that have been designated Opportunity Zones by the federal government and are ripe for real estate investment.” (Forbes)
  9. With 8 Years of Job Gains, Unemployment Is Lowest Since 1969 “The Labor Department released its official hiring and unemployment figures for September on Friday, providing the latest snapshot of the American economy.” (The New York Times)
  10. The Top 10 Biggest Real Estate Projects Coming to NYC “Hudson Yards dominated last month’s list of the largest real estate projects on their way to New York. Developments in the neighborhood took the top two spots for September.” (The Real Deal)
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