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10 Must Reads for the CRE Industry Today (September 16, 2019)

The latest trends in parking include automated garages and six-figure price tags, reports The New York Times. Fewer companies nowadays provide enclosed office space, according to Forbes. These are among today's must reads from around the commercial real estate industry.

  1. One in Four of New York’s New Luxury Apartments Is Unsold “Picture an empty apartment — there are thousands in Manhattan’s new towers — and fill it with the city’s chattiest real estate developers. How do you quiet the room? Ask about their sales.” (The New York Times)
  2. Private Parking Goes Deluxe “Parking, like so much else in New York City, is going upscale. With their herringbone-pattern ceilings, app-based vehicle-retrieval systems and furnished waiting rooms, garages currently being constructed in residential developments seem designed to take the lowly parking spot to new heights.” (The New York Times)
  3. Goodbye, Office Tete-A-Tete? Fewer Businesses Providing Enclosed Space “Some 43% companies surveyed by real estate investment and consulting firm JLL said enclosed offices make up less than 5% of their sites, according to a recent JLL report.  That’s up from 35% of companies in 2017, according to the report this month.” (Forbes)
  4. Apartment Gyms Evolve Into Wellness Centers With Concierge Trainers And Health-Centric Services “Tiny gyms have evolved into larger, better-equipped fitness centers. Fast forward to the present day and you’d find those fitness centers and apartment communities offering a range of wellness features.” (Forbes)
  5. Experts Predict Industrial Markets Will Weather Tariff Headwinds “Real estate developers and investors at a recent two-day industrial real estate summit staged by commercial brokerage firm Avison Young concluded that the market’s continued decade long-run of strong growth will continue with lower vacancy and higher rental rates in top markets despite some economic headwinds.” (GlobeSt.com)
  6. How Will the New FHFA CAP Affect Green Lending? “The Federal Housing Finance Agency has just made some major changes to the lending cap for Fannie Mae and Freddie Mac. What this means for green loans, in short, is that their previous exclusions from the cap no longer apply. This is a significant development as agency lenders in 2018 sold nearly $80 billion in uncapped loans. The net result is that the $100 billion, five-quarter cap will allow for lending volume similar to the past 12 months.” (GlobeSt.com)
  7. Flex Office Space: Much More Than Just WeWork “Though flexible office space has been growing dramatically, it still comprises a small portion of the total market, 4.0 percent in San Francisco and 3.6 percent in New York. London and Shanghai, however, have each hit 6 percent.” (Commercial Property Executive)
  8. Manhattan Flex Office Space Growth Explodes, 15 Million Square Feet Added in Last 5 Years “According to a new report from CBRE, the flexible office space footprint in Manhattan has tripled to 15 million square feet over the last five years as providers' offerings have evolved, new players entered the market and new flexible space models have arisen.” (World Property Journal)
  9. Detroit Developers Ditching Condo Plans to Build More Hotel Rooms “Enticed by stronger demand and easier financing for new hotel projects, some downtown-area Detroit developers are ditching their plans to build apartments or condos and are instead creating more hotel rooms.” (Detroit Free Press)
  10. Airbnb Detects a Booking Surge in an Unexpected Place in SC “A South Carolina city is among the top 10 most popular destinations on Airbnb for this fall, but it isn’t Charleston, Condé Nast Traveler’s 2019 pick as the top U.S. tourist destination. It’s not Myrtle Beach, either. Or Hilton Head Island. No, far from it, distance-wise.” (The Post and Courier)
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