- WeWork Needs Cash as Botched IPO Scuttles Planned Infusion “In the aftermath of a botched initial public offering attempt and the ouster of co-founder and chief executive Adam Neumann, it is facing a different reality: It needs to stop bleeding cash.” (Wall Street Journal, subscription required)
- Man Is Charged With Terrorism After Driving S.U.V. Through Illinois Mall “Surveillance cameras captured the chaos as people ran and jumped to evade the vehicle, prosecutors said. A train attraction, the Woodfield Choo Choo Express, which was transporting children through the mall’s common area, was nearly struck, and stores sheltered patrons and locked their gates, the statement said.” (The New York Times)
- Virtually No One Will Lease to WeWork. That’s a Drag on NYC’s Office Market. “Turmoil at WeWork is causing the shared-office-space company to all but stop signing new leases, a fresh blow to New York City’s already softening commercial real-estate market.” (Wall Street Journal, subscription required)
- Forever 21 Fashion Chain Files for Chapter 11 Bankruptcy “Low-price fashion chain Forever 21, a one-time hot destination for teen shoppers that fell victim to its own rapid expansion and changing consumer tastes, has filed for Chapter 11 bankruptcy protection.” (New York Post)
- These NYC Senior Residences Come With Luxury Condo Amenities “As the population ages, new senior residences are taking cues from luxury condos, while incorporating design elements that touch on the range of needs of older New Yorkers looking to age in place.” (Forbes)
- Venture Investment in Proptech Poised to Break Record This Year “PropTech investments continue to increase as investors take lukewarm approach to blockchain.” (GlobeSt.com)
- Well Buildings Are Key to Employee Satisfaction “You don’t have to invest a lot of money into physically changing the building. You can manage your space better, say panelists in a Well Building panel at the CREW Network Convention.” (GlobeSt.com)
- U.S. Multifamily Lending Spiked 19 Percent in 2018 to Record High $339.2 Billion “Favorable market conditions helped spur a 19 percent increase in multifamily lending in 2018 to a new high in dollar volume, according to the Mortgage Bankers Association's annual report of the U.S. multifamily lending market.” (World Property Journal)
- Foreign Investors Hunt for Yield in New York Skyline “For a New York building whose main storefront sits empty, 711 Fifth Avenue has become unusually sought-after. It appears to confirm New York commercial property’s hearty appeal to institutional investors, many foreign, at a time of historically low interest rates around the world.” (Financial Times)
- Flexible Office Thrives Amid WeWork’s Woes “WeWork’s recent struggles have drawn a torrent of commentary and raised concerns about the viability of the flexible office concept writ large. But others are more optimistic about a sector that has surged in recent years, as office users increasingly demand workspaces with flexible lease terms and the ability to quickly scale up and down.” (Commercial Property Executive)
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