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Eight Must Reads for the CRE Industry Today (May 19, 2022)

New York now has more Airbnb listings than available apartments for rent, according to Curbed. The latest AIA Architecture Billings Index reading shows continued demand. These are among today’s must reads from around the commercial real estate industry.

  1. New York Now Has More Airbnb Listings Than Apartments for Rent “Inventory in all of Manhattan, Brooklyn, and northwest Queens has been hovering well below 10,000 units — as of April, the number was just 7,669. Which is several thousand less than the number of entire-apartment and entire-home Airbnb rentals available in New York City right now: 10,572, according to AirDNA, a third-party site that tracks short-term rentals.” (Curbed)
  2. Architecture Billings Index moderates slightly, remains strong “AIA’s Architecture Billings Index score for April was 56.5 compared to 58.0 in March. Any score above 50 indicates an increase in billings. During April, scores for both new project inquiries and design contracts moderated slightly, but remained strong, posting scores of 62.3 and 55.4, respectively.” (AIA)
  3. CBL’s Stephen Lebovitz on retail in the ‘20s “Filing for Chapter 11 in 2020 to restructure its balance sheet and eliminate debt, CBL emerged in 2021 to continue refreshing its properties with additions as revolutionary as a Live! Casino anchor at its Westmoreland Mall outside of Pittsburgh.” (Chain Store Age)
  4. Proptech Data Firms Race To Scale Up Amid Tech Turmoil, Looming SEC Rule “With additional pressure coming from the recently proposed Securities and Exchange Commission green disclosure ruling around reporting emissions, as well as an increasing array of local regulations, these tech platforms are becoming increasingly central to meeting regulatory requirements and making investment decisions.” (Bisnow)
  5. Cushman & Wakefield Buys Cresa Partners of LA “Cresa’s 40-person operation works out of West L.A., Woodland Hills and Westlake Village. Cresa exclusively represents tenants in entertainment, technology, professional services, biotech and transportation.  Cresa’s Downtown L.A. office was not included.” (Commercial Observer)
  6. Justice Department Sues Steve Wynn to Force Him to Register as Agent of China “In a lawsuit filed in federal court in Washington, the Justice Department said Mr. Wynn contacted then-President Donald Trump and members of his administration about the favor in 2017, in order to protect his then-business interests in Macau, China’s gambling hub.” (The Wall Street Journal)
  7. Institutional Investors Are Having a Big Impact on Home Sales, SFRs “Using property deed records from Black Knight, the NAR analysis found that institutional buyers were 13.2% of the residential sales market in 2021, up from 11.8% in 2020. As with an analysis recently done in Newark, New Jersey, the data rests on a definition of institutional buyers being companies, corporations, or limited liability companies.” (
  8. Google to open 'neighborhood stores' format “The tech giant will open its second physical store, a location in the Williamsburg section of Brooklyn, N.Y. The new outpost opens on June 16, one year to the day that Google unveiled its first-ever permanent store, a big flagship in Manhattan’s Chelsea neighborhood.” (Chain Store Age)
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