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10 Must Reads for the CRE Industry Today (Nov. 10, 2022)

Multifamily Dive reports on a new lawsuit alleging RealPage, GreyStar and other managers artificially inflated the rents on student housing projects. CRE pros are using the new transparency pay law in New York City to gauge their current compensation levels, according to Bisnow. These are among today’s must reads from around the commercial real estate industry.

  1. New suit alleges RealPage, Greystar, others colluded on student housing “The plaintiff, Gabriel Navarro, who filed the suit in the U.S. District Court for the Western District of Washington in Seattle, claims there was an unlawful agreement among student housing managers to ‘artificially inflate the prices of student housing across the United States,’ including in Seattle; Ann Arbor, Michigan; and Gainesville, Florida.” (Multifamily Dive)
  2. NYC Pay Transparency Law Offers Glimpse Into What CRE Pros Are — Or Aren't — Making “’Candidates seem to be on a fact-finding mission to ensure their compensation is in line,’ said Building Careers President Carly Glova, who heads a recruiting firm focused on CRE. ‘They have been reaching out to us in droves, not necessarily with the intent to move positions, but with regards to their market compensation. Many are taking the initiative to have those conversations with their supervisors before getting to the point of a counteroffer.’"  (Bisnow)
  3. Why Commercial Real Estate Is Measuring Carbon Emissions All Wrong “When taking into account the size of a flexible office, these workspaces can actually be twice as carbon intensive than traditional offices. However, based on occupancy levels, conventionally leased offices are found to exert three times more carbon emissions than flex spaces.” (All Work)
  4. What Hochul’s victory means for real estate ” Industry players largely favored Hochul, who appeared poised for an easy victory until the final weeks of the campaign, when her lead in opinion polls narrowed to single digits.” (The Real Deal)
  5. AMC is trying to fill some empty movie theaters with Zoom meetings “AMC and Zoom announced Monday that they're teaming up to turn some movie theaters into huge meeting rooms. Starting sometime in 2023, they'll bring what they call "Zoom Rooms" to AMC theaters in as many as 17 cities in the US.” (Insider)
  6. Where Toll Brothers is launching a $1.9B national apartment-building spree “The Fort Washington-based residential developer is focused on several markets.” (Philadelphia Business Journal)
  7. Kohl’s CEO to step down “Michelle Gass has been appointed to the new position of president, Levi Strauss & Co., effective Jan. 2. The appointment is part of a succession plan whereby she will succeed Chip Bergh, who has served as CEO of Levi Strauss since 2011, within the next 18 months. Gass will step down as CEO and board member of Kohl's on December 2.” (Chain Store Age)
  8. Chinese Developer Sells L.A. Luxury Tower at Steep Discount “That sales amount was a record for a single rental property in Los Angeles, but it was still far less than Greenland had initially hoped to get for the building. Eighteen months ago, the asking price for the building was $695 million, which even at that price was less than what Greenland had paid in development costs, according to Northland.” (The Wall Street Journal)
  9. 10 U.S. cities that are growing the fastest — and New York City isn’t one of them “An October report by the Kenan Institute of Private Enterprise, a business policy think tank, ranked the top 10 fastest-growing cities in the U.S. The ranking considered each city’s county-level employment rates and economic output. And the final list is a good indication of where young people want to live and work and of what they value.” (CNBC)
  10. Burger King's owner just opened a delivery-focused food hall where customers can order from Popeyes, Firehouse Subs, and other chains. “And recently, the parent of Burger King, Restaurant Brands International, opened its first ghost kitchen in Miami. Billed as a digital-first food hall by RBI, Kitchens You Love, or KYLO Food Hall allows delivery and walk-in customers to bundle menus into one order from RBI brands such as Popeyes and Burger King.” (Insider)
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