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Nine Must Reads for CRE Investors Today (Jan. 26, 2023)

The Wall Street Journal breaks down the competition in the race to land casino licenses in New York City. King Charles’ real estate company is suing Twitter over unpaid rent, reports Insider. These are among today’s must reads from around the commercial real estate industry.

  1. A Casino at Saks, Times Square or the U.N.? Companies Pitch NYC Officials “For years, New Yorkers have had to leave the city limits to gamble at full-fledged casinos in Atlantic City or rural Connecticut. Four casinos in upstate New York have opened since 2014. Now, state gambling regulators are conducting a competitive bid process for three downstate licenses. Industry players expect two will go to video-slot parlors that already operate in Yonkers and another near John F. Kennedy International Airport in Queens—essentially leaving only one up for grabs.” (The Wall Street Journal)
  2. King Charles' real estate company is suing Elon Musk's Twitter over unpaid rent “Insider understands that the Crown Estate has issued court proceedings to Twitter following previous contact with the social-media company over unpaid rent, and that two parties are currently in discussions.” (Insider)
  3. EU risk watchdog warns of market stress from commercial real estate “Supervisors have long warned that the bloc's real estate market is at a turning point after a lengthy boom and commercial property was especially vulnerable as a cyclical downturn is exacerbated by changes in office use habits after the pandemic.” (Reuters)
  4. White House Mulls Tenant Protections as Local Rent Control Push Grows “The smoke signals from Pennsylvania Avenue came in response to a letter from Sen. Elizabeth Warren to President Biden, signed by 50 members of Congress and made public last week, calling for the president to issue an executive action ordering a cap on rent hikes in properties backed by Fannie Mae, Freddie Mac or the US Department of Housing and Urban Development.” (
  5. Rent control could come to some Colorado cities under a new bill from state Democrats “Currently, Colorado’s local governments are not allowed to pass laws that limit the cost of rent in privately owned housing. If the bill eventually passes, individual city councils would be allowed to pass rent control or rent stabilization laws.” (CPR News)
  6. On Real Estate: Office landlords should no longer view tech firms as sure bets “Early on in the pandemic, one of the best pieces of news for the city's real estate industry came when Facebook officially signed its lease for 730,000 square feet at Vornado's Farley Building near Penn Station. This was back in August 2020, when New York's very survival was still up for debate, and the massive deal for all that office space was broadly viewed as a vote of confidence in Manhattan and a sign that the tech giants would continue to be reliable tenants for the city's landlords amid so much upheaval in other sectors.” (Crain’s New York Business)
  7. Laid Off in Your Living Room: The Chaos of Remote Job Cuts “This month, angst has rippled across laptop screens, with dozens of companies announcing mass layoffs and even the most large and well-established workplaces finding distinct ways to breed extra chaos in the process. More than 1,000 tech companies laid off nearly 160,000 workers last year, according to, which is tracking job cuts across the industry, and another 185 companies have cut some 57,000 tech workers since the start of this year.” (The New York Times)
  8. Architecture billings continue to decline “The pace of decline during December slowed from November, posting an Architecture Billings Index (ABI) score of 47.5 from 46.6 (any score below 50 indicates a decline in firm billings). Inquiries into new projects posted a positive score of 52.3, however new design contracts remained in negative territory with a score of 49.4.” (American Institute of Architects)
  9. Tesla Plans $3.6 Billion Factory Expansion in Nevada “Nevada’s expansion plans come soon after the company filed paperwork for a potential $775 million expansion at its electric-vehicle plant near Austin, Texas, also set to focus on the production of batteries and car components.” (The Wall Street Journal)
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