- Apartment Demand Unexpectedly Fell During its Busiest Season, According to a New Report “Apartment demand drops — first Q3 drop in 30 years The third quarter of every year is historically the busiest for apartment rentals, but demand fell this year, according to RealPage. It’s the first time the rental technology platform has recorded a third-quarter drop in the 30 years it’s been tracking the metric. Demand dropped by more than 82,000 units nationally, according to the report.” (CNBC)
- Florida Hotel Rooms, Airbnb Rentals Fill Up in Hurricane Ian’s Aftermath “Hurricane Ian’s destruction is filling hotel rooms and short-term rental accommodations throughout Florida and as far north as Georgia, after thousands of people have been unable to return to their homes. The increase in demand has been especially strong for extended-stay lodging, which typically caters to people planning to stay a week to three months, according to hotel data firm STR. Many people who evacuated the hardest-hit regions are recognizing their houses may be uninhabitable for weeks or even months. Repair, insurance and emergency crews are also filling up rooms near the impacted areas.” (The Wall Street Journal)
- Traffic Down at Grocery-Anchored Shopping Centers as Inflation Changes Shopping Patterns “Long considered the gold standard of retail, visits to grocery-anchored centers in cities like Dallas have slowed as the rising cost of goods prompts consumers to change their habits. Foot traffic was down across the city's grocery-anchored centers during the three months leading up to September, according to data from Placer.ai. That supports similar national Placer data from May, which also showed visits to superstores like Costco and Sam's Club were outpacing trips to traditional grocery stores as consumers attempted to save on gas and buy in bulk during a period of greater financial uncertainty.” (Bisnow)
- After Hurricane Ian, a Low-Lying Florida City Starts to Rebuild. Should It? “For decades, scientists, environmentalists, geographers and city planners have warned that large swaths of the U.S. coastline are at risk — and no city has a greater percentage of homes in peril than this rapidly developing Florida metropolis of 200,000 where the Caloosahatchee River empties into the Gulf of Mexico. A recent analysis of flood data found that the city has more than 90,000 properties at substantial risk of flooding, more than Los Angeles, Chicago, Houston or New York. Five years ago, a Climate Change Vulnerability Assessment for Cape Coral warned that, in a worst-case scenario, much of the city could be underwater by 2200.” (Los Angeles Times)
- How to Recycle a 14-Story Office Tower “When the Dutch National Bank moved into its Amsterdam headquarters in 1968, the new buildings were epic and stylish. A sprawling Modernist landmark that took up an entire city block off the banks of the Amstel Canal, it was distinguished by a towering high-rise of polished ochre tile. Surrounding the tower were low-slung offices raised on columns, giving the impression that the whole complex was hovering, monumental and airy, just above the ground. In 1991, when more office space was needed, a second tower was built. This one, cylindrical and swathed in bluish glass, earned the nickname ‘the cigarette lighter’ for the slanted roof that looked as if it could be flicked on.” (The New York Times)
- Growing Wealth Through Real Estate “Investing in real estate is a key component of building and generating wealth. Former NFL star, Chinedum Ndukwe built a successful career investing in real estate. Armed with a double degree in Business Management and Psychology from the University of Notre Dame, Nduke formed his company Kingsley + Company, after retiring from the NFL in 2012. The Chicago Defender spoke with Chinedum Ndukwe about building wealth through real estate, what current property owners can do to build equity in their properties and what potential real estate investors should look for when purchasing any property.” (Chicago Defender)
- CRE Giants Race to Decarbonize NYC Skyscrapers “With mandatory carbon emission caps—and potentially stiff penalties for not meeting them—going into effect in 2024, CRE players with some of the largest footprints in NYC are lining up to join a state initiative that rewards them for taking early action to decarbonize their buildings. NY Gov. Kathy Hochul announced this week that Tishman Speyer, LeFrak, Brookfield Properties, Boston Properties, Equity Residential, and Amalgamated Housing have signed up for the Empire Building Challenge.” (GlobeSt.com)
- More Meta Office Shrinkage Likely as Company Freezes Hiring, Adapts to Remote Work “Meta will shrink its office footprint as a result of continued remote work, recalibrating a real estate portfolio that encompasses millions of square feet across the country. The tech giant's termination of a 200K SF lease in Manhattan four years early was just the first step in a broader evaluation of the company's footprint, The Wall Street Journal reported Tuesday.” (Bisnow)
- A Giant Supermarket Becomes a Children’s Health Center in Metro Philadelphia “Medical care centers looking to get closer to patients are starting to build sizeable outposts in neighborhood centers. Nemours Children’s Health is one of them, and has signed a lease with Urban Edge Properties for a 19,329-sq.-ft. facility at Broomall Commons outside of Philadelphia, sharing space with Amazon Fresh, PetSmart, Pep Boys, and Planet Fitness.” (Chain Store Age)
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