- By Adding Apartments, Malls Seek to Bring Shoppers Closer to Home “The Westlake Shopping Center, which opened in the 1950s in Daly City, Calif., is one of the first modern malls in the country. Over the past seven decades, it has survived the rise of online retailers, the shuttering of anchor stores and operating restrictions related to the pandemic. Now comes its latest test: the addition of nearly 400 apartments. The strategy, which is being closely watched by retail experts, is expected to increase foot traffic and generate more revenue from the new residents who may be more inclined to shop in their own neighborhood.” (The New York Times)
- Vornado JV Defaults on $450M Loan on St. Regis Retail Space “Vornado has disclosed that its joint venture with Crown Acquisitions has defaulted on a $450M non-recourse loan on the venture’s highest-profile retail asset—the ground-floor space at the St. Regis hotel, 100 feet of prime frontage on Fifth Avenue that Vornado brands on its website as the ‘epicenter of the Fifth Avenue retail district. The loan on 697-703 Fifth Avenue—the street address for the ground floor space at the St. Regis, which has its entrance on 55th Street—came due on December 21.” (GlobeSt.com)
- Some Overestimating Apartment Completion Numbers for 2023 “One executive panelist pretty much nailed it (pardon the pun) about the apartment development “oversupply” on the way for 2023 when speaking at this month’s National Multifamily Housing Council’s Apartment Strategies Conference. ‘Unless there’s an outside force to stop us, we’re going to keep on building,’ Cortland CEO Steven DeFrancis said.” (GlobeSt.com)
- Eastdil Secured to Trim 7% of Workforce as Transactions Dry Up “Eastdil Secured is the latest commercial real estate firm to cut its workforce amid a huge slowdown in investment sales. New York-based Eastdil plans to trim roughly 7% of its global workforce of more than 500 people, The Real Deal reports. The cuts are spread across Eastdil's various offices and affect both the transactional and operational sides of the business.” (Bisnow)
- Zillow Signals More Pain Ahead for Online Real Estate “Redfin will report its earnings Thursday, with Compass and Opendoor following over the next two weeks. Investors should be prepared for more disappointments. Automated home flipper Opendoor, for example, has significantly trimmed its buying efforts, according to ATTOM data, likely in reaction to the market’s turn. An analysis published this week by global real-estate tech strategist Mike DelPrete shows Opendoor bought somewhere around 5,000 homes in a single month last summer, but it was buying fewer than 1,000 homes by December.” (The Wall Street Journal)
- A New Apple Campus Is at the Center of Culver City Gentrification Concerns “Apple will break ground on a new office this year on the Culver City-Los Angeles border that will house up to 2,400 employees, raising concern among some residents that it will increase their rent.” (Los Angeles Times)
- Remote Workers and Freelancers Are Cutting Back on Working from Home—Because It’s Too Expensive “Remote workers and freelancers are so worried about the rising costs related to working from home, that they’re actually searching for alternative work locations to save money. According to a study of 1,000 remote workers by Sky Connect, 87% are concerned about the impact working from home is having on their energy bills. This was heightened last month when much of Europe and the U.S. experienced brutal blizzards and dangerously cold weather, with 78% of respondents describing working through such conditions as ‘uncomfortable.’” (Fortune)
- How the Commercial Real Estate Industry Can Recruit Gen Z Talent “The reigning theory about the Generation Z labor force is that company culture and reputation matter the most.” (Propmodo)
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