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10 Must Reads for the CRE Industry Today (September 21, 2018)

The New York Times details the government’s struggles to repair homes in Puerto Rico a year after Hurricane Maria. AT&T is opening 1,000 stores, Chain Store Age reports. These are among today’s top must reads from around the commercial real estate industry.

  1. On Hurricane Maria Anniversary, Puerto Rico Is Still in Ruins “Times journalists visited 163 homes in two neighborhoods in Punta Santiago to cover what progress had been made in the last 12 months. They found a community with signs of fresh paint and, in some of the middle-class parts of town, rebuilt rooms and new furniture. But in neighborhoods where residents live on meager pensions and disability checks, there were gutted kitchens and electrical wires running randomly along unfinished walls.” (The New York Times)
  2. Fed Has to Start Considering the Risk of a Recession, Former Fed Gov. Larry Meyer Says “The Federal Reserve has to start factoring in the rising risks of a recession to its policy actions, former Fed governor Larry Meyer said in an interview with Marketwatch.” (MarketWatch)
  3. San Francisco Start-Up Zippin Is Trying to Eliminate Grocery Checkout Lines “Amazon introduced the concept of checker-free grocery stores when it opened its first Amazon Go store in Seattle in February. Now, San Francisco start-up Zippin is trying to bring that experience to everyone.” (CNBC)
  4. City Sues Five Lenders Over Zombie Properties “The city accused five lenders and mortgage servicers in Brooklyn Supreme Court Wednesday of foreclosing on homes and then leaving them to deteriorate into so-called zombie properties.” (Crain’s New York Business)
  5. U.S. Existing-Home Sales Stalled in August “U.S. home sales stalled in August, highlighting a growing disconnect between the sluggish housing market and the strong economy that is powering stocks to new highs.” (Wall Street Journal, subscription required)
  6. Home Sellers Slash Prices, Especially in California “After three years of soaring home prices, the heat is coming off the U.S. housing market. Home sellers are slashing prices at the highest rate in at least eight years, especially in the West, where the price gains were hottest.” (CNBC)
  7. AT&T to Open 1,000 Stores “AT&T is ramping up retail expansion—and not just in standard locations. The telecommunications giant announced plans to add 1,000 new stores, giving it one of the fastest-growing retail footprints in the nation.” (Chain Store Age)
  8. Greystar Completes $4.6B Purchase of EdR “Funds managed by an affiliate of Charleston, SC-based Greystar Real Estate Partners have closed on the $4.6-billion acquisition of Education Realty Trust (EdR), one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities.” (com)
  9. How Are Commercial Properties Faring in the Wake of Florence? Many Owners Don’t Know Yet “As Hurricane Florence left its mark on the Carolinas last week, business owners, property managers and developers are eager to assess potential damages and start rebuilding. But first they have to get their eyes on their properties.” (BisNow)
  10. Largest LEED-Certified Office Buildings in the U.S. “It’s been nearly two decades since the U.S. Green Building Council first developed its Leadership in Energy and Environmental Design (LEED) certification. Since then, the nation’s LEED-certified construction volume has increased to comprise about 40 percent of green construction’s contribution to the economy, according to USGBC’s Leticia McCadden.” (Commercial Property Executive)
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