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Eight Must Reads for the CRE Industry Today (Jan. 21, 2022)

The New York Times looks at whether conditions in the housing market are likely to improve any time soon. Amazon will open a bricks-and-mortar apparel store, reports CNBC. These are among today’s must reads from around the commercial real estate industry.

  1. Something Has to Give in the Housing Market. Or Does It? “The median price for an American home is up nearly 20 percent in a year. The for-sale inventory is at a new low. And the hopeful buyers left on the sidelines have helped drive up rents instead. All of this may feel unsustainable — the tight inventory, the wild price growth, the dwindling affordability. Surely something’s got to give. But what if that’s not exactly true? Or, at least, not true anytime soon for renters locked out of homeownership today or anyone worried about housing affordability. There’s probably no quick reprieve coming, no rollback in stratospheric home prices if you can just wait a little longer to jump in.” (The New York Times)
  2. Why LA Industrial Developers Are Buying Suburban Office Parks “With land scarce and warehouse demand at record highs, developers are increasingly turning to suburban offices for demolition or conversion.” (The Real Deal)
  3. New York’s Hospitality Industry May Not Fully Recovery Until 2026, State Says “It could be as many as four more years before New York’s leisure and hospitality industries bounce back to pre-pandemic levels, according to state officials. “While other sectors have improved markedly, the retail, wholesale, and leisure and hospitality and other services sectors lag the most in their recoveries and are not projected to recover before 2026,” Gov. Kathy Hochul shared in a presentation of her proposed state budget on Tuesday.” (Eater New York)
  4. Real Estate Praises Hochul’s New Plan for Affordable New York Tax Break “The current Affordable New York tax break is set to expire in June.” (Bisnow)
  5. 4 Takeaways from the New York Attorney General’s Filings on the Trump Organization, Including Accusations of Inflated Property Values and Refusals to Cooperate “The fraud investigation is examining if Trump's real estate company artificially inflated or deflated the values of its properties for tax advantages.” (Insider)
  6. Amazon Is Opening a High-Tech Clothing Store with High-Tech Fitting Rooms “After upending brick-and-mortar retail, Amazon is opening a clothing store in the physical world. The first Amazon Style store, located in the Los Angeles suburb of Glendale, California, will open its doors later this year, the company announced Thursday. The store will feature women’s and men’s apparel, shoes, and accessories from a mix of well-known and emerging brands, with prices catering to a wide range of shoppers.” (CNBC)
  7. You Think Planning a City Like S.F. Is Easy? Here Are Five Things Planners Got Wrong “Give drivers on freeway the best views. Make new towers look old. Build pedestrian bridges over downtown streets. Ideas like this once were in favor—now they are mostly taboo.” (San Francisco Chronicle)
  8. The Supply Chain Crisis Wouldn’t Be as Bad If Shoppers Didn’t Have So Much Choice “Western consumers are used to having an abundance of choice in their shopping experience, and it's making the supply chain crisis even worse.” (Insider)
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