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10 Must Reads for the CRE Industry Today (September 4, 2019)

Forbes looks at the rise of the virtual food hall. The manufacturing sector slowed in August, heightening fears of an incoming recession, reports The New York Times. These are among today's must reads from around the commercial real estate industry.

  1. An Innovation In Urban Dining - A Closer Look At The Virtual Food Hall “As a New Yorker, I've come to realize we are privy to numerous changes in the restaurant and franchise business long before people in many other parts of the country. One such change is the innovation of the  ‘Virtual Food Hall’.” (Forbes)
  2. U.S. Manufacturing Slowed in August in Latest Sign of Economic Weakness “The American manufacturing sector contracted last month, a key measure showed on Tuesday, heightening fears that the trade war with China could bring on a recession.” (The New York Times)
  3. WeWork Plans IPO Roadshow as Soon as Next Week “WeWork is planning to kick off its initial public offering roadshow as soon as next week, according to people familiar with the matter.” (Bloomberg)
  4. #CEOTalks3: Fora CEO Enrico Sanna On Prop​Tech And Flexible Workspaces “PropTech is undeniably facilitating transformation across the entire real estate spectrum, but nowhere is the change more evident than in the office sector.” (Forbes)
  5. Foreign Investors Battered by Losses amid City's Real Estate Shake-Up “Lately, a growing list of foreign real estate investors, after pouring billions of dollars into major New York City real estate purchases in recent years, have found themselves in a financial predicament. Several made ill-timed bets on the city’s condo market—a sector that has swamped investors at home and abroad. Foreign firms, however, have appeared to take some of the steepest losses.” (Crain’s New York Business)
  6. Real Estate Tycoon Sam Zell Slams WeWork: ‘Every Single Company in this Space Has Gone Broke’ “Sam Zell, who amassed a nearly $6 billion fortune with roots in commercial real estate, is slamming WeWork, the office-sharing firm that’s widely expected to go public as early as this month.” (CNBC)
  7. Naturally Occurring Affordable Housing Is Disappearing “Naturally occurring real estate, defined as class-B and class-C housing with below market rents, is disappearing as a result of value-add investment and a lack of new affordable housing development, according to a new brief on affordable housing from UCLA Ziman Center for Real Estate.” (GlobeSt.com)
  8. The Mighty Penn: How Penn REIT’s New Philly Mall Tests the Future of Retail “At Philadelphia’s Fashion District Mall, an ambitious, 900,000-square-foot retail development project by Penn REIT and Macerich set to open later this month, the stakes may be even higher. That’s because not only is the more down-to-earth Fashion District crucial to the health of its developers’ balance sheets, it’s also a critical test of whether or not middle-brow urban retail development remains viable — and financeable — under the looming shadow of e-commerce.” (Commercial Observer)
  9. Retail Sector Makes Headway in Experiential Drive “’Location, location, location’ still holds, of course, but for the retail side, the main considerations these days might be stated as “food, fun and fitness,” as retailers strive ever harder to create experiences that will bring shoppers into retail centers, according to a midyear 2019 retail outlook from Marcus & Millichap.” (Commercial Property Executive)
  10. NJ’s American Dream Shopping Mecca to Open in October “The long-awaited American Dream shopping mecca is no longer a figment of the imagination but a soon-to-really-open imaginative theme park nearing completion in East Rutherford, New Jersey.” (New York Post)
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