Skip navigation
mojave desert Photo by Steve Harvey on Unsplash

Eight Must Reads for CRE Investors Today (Feb. 24, 2023)

Bisnow looks at the implications of the Western drought on the CRE market. Google is asking employees to share desks as it downsizes its office footprint, reports CNBC. These are among today’s must reads from around the commercial real estate industry.

  1. The Western Drought Is A National Crisis. Will It Throw Cold Water On Some Of CRE’s Hottest Markets? “KB Homes, a master-planned community developer in the Southwest, has tried to get ahead of the curve when it comes to using and preserving water, employing water-saving technologies to cut down on usage and getting homes certified by the Environmental Protection Agency's WaterSense program. But as water gets harder to find, efforts like these will have to be either ramped up or reconfigured to account for reduced access.” (Bisnow)
  2. Google asks some employees to share desks amid office downsizing “The new desk-sharing model will apply to Google Cloud’s five largest U.S. locations — Kirkland, Washington; New York City; San Francisco; Seattle; and Sunnyvale, California — and is happening so the company ‘can continue to invest in Cloud’s growth,’ according to an internal FAQ recently shared with cloud employees and viewed by CNBC.” (CNBC)
  3. Elon Musk Picks California for Tesla’s Global Engineering Headquarters “Tesla has maintained a presence in Silicon Valley even after moving its headquarters to Texas and it employs around 48,000 people in California, Mr. Musk said. That amounts to more than a third of the company’s global workforce as of year-end.” (The Wall Street Journal)
  4. Midtown Owners Hedge on Costly Office-to-Home Conversions “Owner Bob Savitt is well aware of the buzz around converting vacant office space into residential apartments, as the pandemic has had a lasting impact on office space rentals and occupancy. The mostly older office buildings in the Garment Center are ripe targets, according to real estate experts.” (The City)
  5. Despite Tech Layoffs and Housing Slowdown, San Francisco’s Real-Estate Market Creeps Back to Life “But after a lull in sales, and despite persistent unease in the tech sector, local real-estate agents said opportunistic buyers are re-entering the market and seizing on prices that have been dragged back to prepandemic norms.” (The Wall Street Journal)
  6. Bankrupt Cineworld Says It Had Lowball Bids “For All Or Some” Assets; Hopes To File Restructuring Plan Next Week “Cineworld attorney Joshua Sussberg told Texas Bankruptcy Court Judge Marvin Isgur at a hearing today that its outreach to 40 potential buyers resulted in ‘many’ offers for the rest-of-world assets and ‘some strategic interest in the full business’ – meaning the entire company.” (Deadline)
  7. Desperate NYC merchants turn to K-9 units to sniff out shoplifters “The 34th Street Partnership — the trade group serving the neighborhood that includes Macy’s Herald Square, Penn Station and Madison Square Garden — is trying to take a bite out of crime by contracting with a firm that provides K-9 units.” (New York Post)
  8. California says racist real estate covenants must be wiped. Debate in Fresno County over who pays “At the end of the 2021 legislative session, Gov. Gavin Newsom signed AB 1466, which directed racially-restrictive covenants to be removed from ownership deeds and other documents filed with county recorder offices.” (The Business Journal)
Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.