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

The Wall Street Journal details how the financial crisis shaped home buying today. After a tough start to the year, REITs are performing better now, according to The Real Deal. These are among today’s must reads from around the commercial real estate industry.

  1. The Financial Crisis Changed Home Buying Forever “It was easy—too easy—to buy a house in the years leading up to the housing crisis. Not today. Lenders have tightened their standards, and many banks now view mortgages as a side service to offer to a small group of wealthier customers rather than a big-volume revenue generator.” (Wall Street Journal, subscription required)
  2. REIT Recovery: Here’s Why Hotels Are Up 20% “After a rough start to the year, real estate investment trusts are getting back on track. Returns slid across the board at the beginning of the year, bottoming out in February.” (The Real Deal)
  3. Forget Location—It’s Convenience, Convenience, Convenience “It’s the classic real estate mantra, known as the guiding wisdom of our industry: location, location, location. Since at least 1926, this phrase has been a useful shorthand for what’s supposedly a concrete rule: that the immediate area where a property is situated is the overwhelming driver of its value.” (Forbes)
  4. Federal Reserve Considers a New Tool to Avert Crises “A decade after a financial crisis that paralyzed the global economy, Federal Reserve officials are debating how to apply one of the central lessons they drew from that dark episode. It involves preventing the next crisis from happening on their watch. The Fed has two tools for stamping out financial bubbles.” (Wall Street Journal, subscription required)
  5. Mortgage Rates Tick Up Again as Fannie, Freddie Start a Second Decade in Limbo “Mortgage rates rose for a second week, buoyed by a selloff in the bond market, even as housing faces a grim reminder of unfinished work in the mortgage market.” (MarketWatch)
  6. Strong Economy Boosts Office Market in the Inland Empire “The metro’s unemployment rate dropped to the lowest level on record. Meanwhile, the number of office-using jobs is on par with pre-recession trends, but they account for only 14.0 percent of the employment pool. (Commercial Property Executive)
  7. Super Rich Families Are The New Real Estate Lending Class “Fiscal caution and tighter regulations following the last recession have made it harder for real estate developers to get capital from traditional lenders this late in the economic cycle. But it is not impossible to find capital if you know the right family.” (BisNow)
  8. Retail’s New Black May Be the Sale Leaseback “Brinker International has completed sale leaseback transactions for 137 restaurants for $443.1 million.” (com)
  9. The Next Level in Hotel Fitness Facilities “Guests’ expectations when it comes to hotel gyms have changed and hospitality brands were quick to respond. Hilton New Orleans' Mark Volterre and Four Seasons Dallas’ Josh Biard discuss the new wave of fitness amenities—from customized apps to pickleball courts.” (Commercial Property Executive)
  10. Union Labor Takes Hudson Yards Fight to Developer’s Home “Union organizers have parked a truck outside the Related Companies’ Columbus Circle headquarters displaying a large digital billboard attacking Stephen Ross, Related’s billionaire chairman and founder.” (Crain’s New York Business, subscription required)
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