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Six Must Reads for the CRE Industry Today (Aug. 31, 2021)

Some energy experts warn that California’s new building code focuses too much on efficiency for new buildings rather than existing structures, according to The New York Times. An Abu Dhabi-based sovereign wealth fund is betting big on U.S. industrial real estate. These are among today’s must reads from around the commercial real estate industry.

  1. California’s Plan to Make its Buildings Greener Will Also Raise Costs “This month, state regulators updated California’s building code to require new homes and commercial buildings to have solar panels and batteries and the wiring needed to switch from heaters that burn natural gas to heat pumps that run on electricity. Energy experts say it is one of the most sweeping single environmental updates to building codes ever attempted by a government agency. But some energy and building experts warn that California may be taking on too much, too quickly and focusing on the wrong target — new buildings, rather than the much larger universe of existing structures.” (The New York Times)
  2. Emirati Sovereign Wealth Fund Launches $1B U.S. Industrial Real Estate Venture “An Abu Dhabi-based sovereign wealth fund is betting big to capitalize on the hot industrial real estate market in the U.S. Mubadala Investment Co. has partnered with Dallas-based real estate investment firm Crow Holdings to develop $1 billion of Class A industrial properties across the country, according to Pensions & Investments.” (The Real Deal)
  3. Vornado to Sell Off Five Struggling Manhattan Retail Buildings for $185M “On the Upper East Side, Vornado has entered into contract to sell 677, 759 and 828 Madison Avenue, all of which are located in the East 60s. In SoHo, it is selling 478 Broadway, a landmarked cast-iron loft building with retail and two apartments between Broome and Grand streets, and the retail portion of a commercial condo building at 155 Spring Street, between West Broadway and Wooster Street.” (Commercial Observer)
  4. The World Is Still Short of Everything. Get Used to It. “The challenges confronting Ms. Gjesdal’s shop, Carrot Seed Kitchen, are a testament to the breadth and persistence of the chaos roiling the global economy, as manufacturers and the shipping industry contend with an unrelenting pandemic. Delays, product shortages and rising costs continue to bedevil businesses large and small. And consumers are confronted with an experience once rare in modern times: no stock available, and no idea when it will come in.” (The New York Times)
  5. Wealthiest Angelenos: Real Estate Drives Fortunes “The rich keep getting richer, especially if they’re involved in real estate in Los Angeles. For many of L.A.’s billionaires, not surprisingly, real estate is a key source of income, either because it’s their primary business or because a large part of their portfolio is invested in commercial or residential properties. Real estate experts say L.A. remains an attractive real estate market when it comes to investment. Rising property valuations and a lack of new supply coming online continue to drive the market in Los Angeles County.” (Los Angeles Business Journals)
  6. California Senate bill to end single-family zoning could increase affordable housing “California lawmakers gave initial approval to a bill that would allow for two-unit buildings to be built on lots that had previously been limited to single-family home construction.” (The Real Deal)
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