10 Must Reads for the CRE Industry Today (November 15, 2019)

Office demand in Miami remains strong, according to the Miami Herald. Construction starts will begin to decline, reports Real Estate Weekly. These are among today’s must reads from around the commercial real estate industry.

  1. Demand for Miami Office Space Remains Strong as Companies Relocate to the Region “Demand for office space continues to rise as companies from outside of Florida relocate to Miami-Dade County, driving up average asking rates by more than 5 percent from a year ago. An increase in co-working spaces also played a significant role.” (Miami Herald)
  2. Report: Construction Starts Set to Slip as Economy Slows “Total U.S. construction starts will slip to $776 billion in 2020, according to the Dodge Construction Outlook.” (Real Estate Weekly)
  3. San Jose Wants New Property Tax to Fund Affordable Housing “With an overwhelming lack of affordable housing and homeless services in the region, San Jose is considering asking voters to support a new real estate tax on the most expensive properties in the city to address the crisis.” (Governing)
  4. Philly’s ‘Opportunity Zone’ Tracts Are Some of the City’s Poorest, and Among its Biggest Gentrifiers, Fed Finds “Boosters of the “opportunity zone” investment incentive from the Trump tax bill say it injects money into poor communities that need it most. Skeptics say it rewards developers for investing in areas that would have seen activity without the costly enticement. For Philadelphia, both may be right, according to a study released this month by the city’s branch of the Federal Reserve Bank.” (The Philadelphia Inquirer)
  5. Las Vegas Shopping Plaza Bought by Real Estate Firm for $43.5M “A Los Angeles real estate firm has acquired a Las Vegas retail plaza, betting the industry still has legs despite ongoing struggles.” (Las Vegas Review-Journal)
  6. On the Move: City a Top Draw for Urban Transplants “As more and more people relocate to the Tampa Bay region, real estate analysts continue to go beyond the numbers in order to delve into who’s on the move and, crucially, why.” (Business Observer)
  7. Where Top VCs Are Investing in Real Estate and Proptech “Given the countless subsectors where exciting new startups are popping up, we asked more than 20 leading real estate VCs who work at firms that span early to growth stages to share where they see opportunity within the colossal real estate category.” (TechCrunch)
  8. Should Dallas Restaurateurs Fear Ghost Kitchens? “Ghost kitchens are growing in popularity in most major metro areas throughout the country, and Dallas-Fort Worth is no exception.” (D Magazine)
  9. Small-biz Owners Rally for Law Limiting Rent Hikes on NYC’s Beleaguered Mom-and-Pop Shops “Denouncing the widespread closure of storefronts as “gentrification on steroids,” pols and small business owners rallied Thursday for a law to regulate rent hikes on commercial real estate.” (New York Daily News)
  10. Hotel Developers Enjoy a Boom in the Big Apple “Developers are set to open 61 new hotels to the New York City market next year as the sector continues to experience a construction boom.” (Real Estate Weekly)
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