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10 Must Reads for the CRE Industry Today (September 13, 2018)

A new study found that members of Generation Z are more interested in buying homes than millennials, the New York Post reports. The New York Times discusses the Carolinas’ development boom, in spite of their history of bearing the brunt of major storms. These are among today’s top must reads from around the commercial real estate industry.

  1. North Carolina, Warned of Rising Seas, Chose to Favor Development “As Hurricane Florence bears down on North Carolina, the state may face the consequences of policies minimizing the impact of climate change and allowing extensive development in vulnerable coastal areas.” (The New York Times)
  2. Unlike Millennials, Gen Zers Actually Want to Buy Homes “The kids are all right. In fact, when it comes to buying a house, they’re doing better than millennials. Members of Generation Z (who are born after 1995) are more set on homeownership than their millennial predecessors (born after about 1981).” (New York Post)
  3. Kroger Misses Same-Store Sales Estimates, Shares Fall “Kroger Co missed quarterly same-store sales estimates on Thursday, as disruptions caused by the supermarket chain changing the way it stocks merchandise on shelves kept some customers away from its stores.” (Reuters)
  4. 3 PropTech Investors Talk Trends, Game-Changers & the Future of Real Estate “Real estate technology—or proptech, as it’s often called—is one of the fastest-growing investment sectors in the world. Between 2016 and 2017, venture capital investments tripled in the space, and if current data is accurate, another banner year is ahead of us. In fact, according to a recent survey by MetaProp—a real estate-focused VC in New York—a whopping 96% of proptech investors plan to invest the same amount of cash in 2018, if not more, than they did last year.” (Forbes)
  5. Middle Class Income Rises Again – Now Up to $61,400 “Americans’ finances are continuing to improve. Median household income rose to $61,400 in 2017, up 1.8% from a year earlier, according to data released by the US Census Bureau on Wednesday.” (CNN)
  6. Macerich and Simon partner to Create Megamall in SoCal “Leading mall real estate investment trusts Macerich and Simon Property Group have joined forces to in a 50/50 venture to create the 566,000-square-foot Los Angeles Premium Outlets in the Los Angeles County city of Carson, the companies announced in a joint statement.” (Commercial Observer)
  7. New York’s Modular Building Revolution Is Here “New York’s modular dream is, albeit in fit and starts, coming true. The increasingly popular process of modular construction involves fabricating structural components — a k a modules — in a factory, then transporting them to the construction site to later stack and assemble.” (New York Post)
  8. Developer Unveils Revised Union Station Plan “The boxy glass apartment building atop the headhouse is gone and a 1.5-acre park is new in a revamped plan to redevelop Chicago's historic Union Station. Presenting its revised vision to overhaul the transportation hub, developer Riverside Investment & Development showed downtown residents Tuesday night a plan it hopes will win them over after its first proposal three months ago flopped.” (Crain’s Chicago Business)
  9. Seattle Shines On "As growth nationwide has cooled, the metro’s office-using employment continued its robust improvement. This made the metro one of the fastest-growing office markets in the country." (Commercial Property Executive)
  10. The Real Estate Struggle Is Real for DC Charter Schools “Charter school head Wendy Edwards recently inked a deal for the construction of a 38,000-square-foot school building that will house 300 prekindergarten through third-grade students in the Washington Highlands neighborhood of Southeast, Washington, D.C. She’s partnering with D.C.-based developer and brokerage Menkiti Group, which bought the land in March 2016.” (Commercial Observer)
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