- U.S. Economy Flashes Signs It’s Downhill from Here “The Commerce Department reported Friday that U.S. gross domestic product expanded at a 3.5% annual rate in the third quarter. Coming off a 4.2% growth rate in the second quarter, it marked one of the best six-month stretches for the U.S. economy in the past decade. However, private analysts and the Federal Reserve say a slowdown is looming. Economists surveyed by The Wall Street Journal estimate the growth rate will slow to 2.5% by the first quarter of next year and 2.3% by the third quarter of 2019. The Fed is expecting growth to slow further to a 1.8% rate by 2021.” (Wall Street Journal, subscription required)
- 12 Industry Experts Share Their Near-Future Real Estate Predictions “For those looking to invest in real estate, understanding the current market is essential to striking an optimal deal. But for current property owners or aspiring investors, it's equally important to know where the market is headed in the coming years. Any plans to buy, rent or sell in the near future could be significantly impacted by market conditions, and you may decide to make a move or wait it out depending on the circumstances.” (Forbes)
- As the Housing Market Stagnates, American Homeowners Are Staying Put for the Longest Stretches Ever “Housing-market headwinds are keeping American homeowners in their properties for the longest stretches on record, in a sharp distortion of the mobility Americans have for decades prized. Across the country, homes that sold in the third quarter of this year had been owned an average of 8.23 years, according to an analysis from Attom Data Solutions. That’s almost double the length of time a home sold in 2000, when Attom’s data begin, had been owned.” (MarketWatch)
- Rising LIBOR Troubles Fragile Markets “Short-term interest rates are rising again, making it costlier for investors and businesses to borrow when financial markets already are on edge. After hovering around 2.3% for most of the spring and summer, the three-month London interbank offered rate, or Libor, has been climbing since the middle of September, settling at 2.52% on Friday. Libor measures the cost for banks to lend to one another for short periods of time and is used as a benchmark for a range of interest rates, including those on margin debt.” (Wall Street Journal, subscription required)
- Tech Companies Driving Manhattan Office Market, and Many Others “According to CBRE's annual Tech-30 report, which measures the tech industry's impact on office rents in the 30 leading tech markets in the U.S. and Canada, demand from technology tenants in New York City remains steady as the sector experienced a more than 12 percent increase in local job growth over the past two years. Manhattan's tech leasing velocity surpassed one million sq. ft. for the ninth consecutive year with tech leasing at 1.61 million sq. ft. through the third quarter 2018.” (World Property Journal)
- Shorenstein Buys San Diego Office Towers “Shorenstein Properties has acquired Sorrento Towers North & South, two Class A office properties in San Diego. Cushman & Wakefield advised the buyer in the deal. The North property encompasses two seven-story buildings totaling 286,000 square feet. The structures, located at 5355 and 5375 Mira Sorrento Place, were built in 1989 and last renovated in 2014. The South property encompasses two six-story buildings totaling 278,000 square feet. The assets were built in 2001 and are located at 9276 and 9330 Scranton Road.” (Commercial Property Executive)
- Detroit Property Tax Relief Plan Gets New Life “An unprecedented property tax break that would forgive poor Detroit homeowners their past delinquent bills is getting new life after stalling in Lansing three years ago. Today the city can't wipe away old property tax debt, even if the owner could have qualified for a little-known poverty exemption that the state allows cities to grant on a yearly basis. Proponents say the law needs to change: The application process for the exemption was convoluted and inaccessible in Detroit, which at the same time was overtaxing owners with admittedly inflated assessments.” (Detroit News)
- MP Boston Begins Construction on $1.4B Mixed-Use Tower “MP Boston has begun construction on the Winthrop Center, a $1.4 billion development in downtown Boston that will feature 750,000 square feet of office space, plus 420 residential units, retail, dining and commercial space. The project, which will also include a curated public gathering space, is expected to be completed in the spring of 2022. ‘Winthrop Center is a transformative next-generation mixed-use tower the likes of which Boston has never seen, featuring innovative office work space, residential units, retail, dining, commercial space, along with The Great Hall, a curated public gathering space designed to foster community and an appreciation for the arts and Boston’s rich culture,’ Richard Baumert, MP Boston’s partner, told Commercial Property Executive.” (Commercial Property Executive)
- Toy Wars: Target, Party City Prepare to Battle for Shoppers Now That Toys ‘R’ Us Is Gone “Shoppers may be wistful for Toys R Us this holiday season, the first in decades without the kiddie wonderland. But they'll have no trouble finding plenty of gifts elsewhere to tuck under the tree. Retailers are jockeying for a bigger piece of the $27 billion toy industry, wooing customers with in-store events, carving out more space for gizmos and games and battling for exclusives that shoppers won’t be able to get anywhere else.” (USA Today)
- 7 Must-Have Apps for Real Estate Investors “Real estate investors are constantly on the go, and the majority do not have an official company office space to use as home base. That means, for most, their cell phone, laptop, tablet, or some combination of these is their mobile office. I usually carry my laptop with me when I’m out checking on properties and networking, but I find the best way to respond in real time in real estate is on my mobile phone. To that end, I use systems that are mobile-friendly and that offer apps that are proven secure for private documents as well as easy to use on my phone. Here are seven of my favorites.” (Think Realty)
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