NEWS HIGHLIGHTS
Selection of Recent News Highlights
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BisNow
CRE Job And Hiring Outlook: 2019-2022
Elizabeth Reyn
SelectLeaders has produced a job barometer for the commercial real estate industry to illustrate the performance of the job market and how it is shaped by external events.
BisNow
Inherently Suspect’: Why Is Dual Agency Everywhere In U.S. CRE When It's Banned In The UK?
Miriam Hall, Molly Armbrister
An analysis of dual agency in the CRE market.
Commercial Observer
NYU Stern Establishes Chao-Hon Chen Institute for Global Real Estate Finance
Emily Fu
New York University’s Stern School of Business has formed a new real estate finance institute — the Chao-Hon Chen Institute for Global Real Estate Finance — with a $20 million gift from alumnus and Stern Executive Board member Charles C.Y. Chen.
Morning Brew
Go with the Flow: Adam Neumann’s latest billion-dollar idea
Ashwin Rodrigues
Andreessen Horowitz bets $350 million on Adam Neumann's latest venture.
AXIOS
Why the rental housing market is so deeply broken
Felix Salmon
America's housing market is broken, but the deep and structural problems can't be fixed with technology.
Commercial Observer
Fourth Rate Hike This Year, But Powell Says We’re Not in a Recession
Emily Fu
The Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point on Wednesday as it attempts to tame prices without causing a severe downturn.
Commercial Observer
Real Estate Pride Council Launch Charts New Opportunities for LGBTQ in CRE
Andrew Coen
Sam Chandan launched the Real Estate Pride Council with the goal of enhancing networking opportunities for LGBTQ individuals in the commercial real estate profession, and he hopes the group can foster positive change for the industry.
Commercial Observer
Fed’s Biggest Interest Rate Hike in Decades Removes Some Uncertainty Facing CRE
Andrew Coen
The Federal Reserve’s historic move raising its benchmark interest rate by 75 basis points to combat inflationary pressures provides a necessary level of certainty to a commercial real estate industry that has been battling volatile market conditions in 2022.
Commercial Observer
Five Questions With NYU’s Sam Chandan at CREFC 2022
Emily Fu
Sam Chandan answers questions about CREFC, the economy, and New York City real estate at CREFC 2022.
GlobeSt
Real Estate Degrees: Necessary or Just Dressing?
Erik Sherman
What are the potential benefits of getting a degree in real estate for a career in real estate?
BBC
The New Yorkers in crisis over skyrocketing rents
Bryan Lufkin
In major cities across the globe, including New York City, rent prices have gone through the roof. It’s putting the squeeze on some renters in unmanageable ways.
Morning Brew
Crypto-backed mortgages let HODLers become homeowners
Ashwin Rodrigues
Looking at the future potential of cyrpto-backed mortgages and the risks involved.
BisNow
'Wake-Up Call': Real Estate Leaders Say Subway Shooting Must Sharpen Focus On Public Safety
Miriam Hall
Discussing the decline of the subway as a reliable and safe function of New York City life, with comments from the city’s real estate and business leaders.
Commercial Observer
Fear of Decades-High Inflation Has CRE Scrambling to Predict the Fallout
Patrick Sisson
An in depth analysis of how record high inflation numbers impact commercial real estate.
The Real Deal
Sam Chandan Joins NYU Stern From Schack Institute
Keith Larsen
Sam Chandan is stepping down from his position as dean of the Schack Institute at NYU’s School of Professional Studies. But he won’t be going far. Chandan is joining the faculty of NYU Stern School of Business to head the school’s real estate programs.
Wall Street Journal
Big Bet on Offices and Retail Faces Pandemic Test
Konrad Putzier and Peter Grant
Fate of iconic towers owned by developer and partners will shed light on future of city-center properties
Real Estate by RIS Media
Millennials, Remote Work are Upending Cities
Jesse Williams
Location is, and has always been, everything in real estate. The truism that where a property sits must be its most important characteristic remains undisputed. But what is location, really? What does it mean to homebuyers, and what are the consequences when changes come?
Wall Street Journal
What Went Wrong With Zillow?
Will Parker and Konrad Putzier
When executives at Zillow Group Inc. pored over the company’s earnings in the spring, they saw a problem: The real-estate firm was making too much money. Zillow, which rose to prominence with online listings, had bet its future on an algorithm-based home-flipping outfit called Zillow Offers, which would buy houses, make minor renovations and sell quickly.
Commercial Observer
Finance Professionals Bullish on 2022
Andrew Coen
The glass is seemingly mostly half full for commercial real estate lenders and brokers at the end of 2021 with an overarching belief there are tailwinds at the industry’s back heading into next year.
Commercial Observer
Manhattan West a Test of Midtown South’s Resiliency
Andrew Coen
The long-awaited opening of Brookfield Properties’ Manhattan West development coincides with unexpected hurdles from when the project was first conceived that will truly test the historic reliability of Midtown South’s Far West Side commercial real estate sector.
Commercial Observer
Evergrande Collapse Unlikely to Impact US Real Estate Market, But Might Have Some Upside
Lauren Elkies Schram
American commercial real estate should feel little effect from the collapse of China’s second-largest developer — in fact, there might be upside.
Wealth Management Real Estate
Research Shows REITs Outperformed Private Equity Real Estate Funds
Beth Mattson-Tieg
Which performs better, public REITs or private equity real estate (PERE) funds? That debate has been ongoing in the real estate investment industry for years, and a new comprehensive research analysis points to listed REITs as the clear winner.
Commercial Observer
Terrorism Risk Insurance Act Remains Long-Lasting Impact of 9/11 on Real Estate
Andrew Coen
The Terrorism Risk Insurance Act has provided the commercial real estate industry with a crucial backstop against losses suffered from external threats in the nearly two decades since its enactment following the terrorist attacks of September 11, 2001.
New York Times
Delta Variant Casts a Shadow Over Midtown Manhattan’s Shaky Recovery
Jane Margolies
Midtown Manhattan, which has been in the doldrums for much of the pandemic, has finally begun showing signs of life. But that progress may be threatened by the surge in coronavirus cases from the spread of the Delta variant.
Politico
How New York City Messed Up Its Mayoral Election
Ryan Heath
When Nightly contacted each of the top candidates, not one of them had a plan for telling their voters how to rank the rest of the candidates on their ballots. Sure, Andrew Yang has been saying for months that he would rank Kathryn Garcia second, and he urged his supporters to do so at a weekend rally — but he failed to even update his website with the instruction.
The Real Deal
New York is at an Affordable Housing Crossroad
Last month, the state’s new $212 billion budget set aside $100 million toward turning commercial properties into permanent affordable housing. That potentially paves the way for a measure introduced by Sen. Michael Gianaris allowing the state to acquire and convert distressed hotels and offices into housing for homeless New Yorkers and those earning up to 50 percent of the area median income .
Gothamist
Vacant Storefronts Proliferate, And It’s No Easier To Identify Owners
Beth Fertig
Taking a walk along Third Avenue in the 80s and 90s near his home, City Councilman Ben Kallos points to one empty storefront after another and recalls some of his favorite Upper East Side shops and restaurants.
Commercial Property Executive
REIT Leaders Speak Out at NYU Conference
Paul Rosta
During Schack's 25th REIT Symposium, Debra Cafaro, Hamid Moghadam, Barry Sternlicht and Sam Zell offered thought-provoking insights on today’s most pressing topics: prospects for the economy, the impact of the pandemic, and what’s ahead for major asset categories.
The Real Deal
Real Estate Sounds Off On State’s $4.3 Billion Tax Hike
Kathryn Brenzel, Akiko Matsuda, and Erin Hudson
Some real estate professionals and economists fear that $4.3 billion in tax increases, on top of the shift to remote work, might just push some over the edge.
Real Estate Weekly
Getting Woke in the City That Never Sleeps
Arthur Schurr
A company that does not implement a diversity program with real initiatives and real results will soon find itself unable to compete. The real estate and construction industries are notoriously resistant to change, but that is finally shifting on many fronts.
The Real Deal
New York City Real Estate Industry Escaped Huge Job Losses
Rich Bockmann
New York City real estate avoided some of the deepest cuts seen during a year of record job losses across most industries. Despite challenges like a temporary ban on in-person property showings and the spring shutdown’s outsized damage to retail and hospitality, the city’s real estate job cuts were mild compared to its broader workforce.
Commercial Observer
Real Estate Playing Catchup on Diversity
Andrew Coen
Commercial real estate firms are taking key steps to tackle diversity initiatives, but many more forward strides are needed in order to bring the industry up to the standards of other professional business fields.
The Real Deal
Developers Say Stringer’s Housing Plan Doesn’t Pencil Out
Kathryn Brenzel
Mayoral hopeful Scott Stringer wants to require all residential projects to include affordable housing — but some developers say his numbers don’t add up.
Wealth Management Magazine
NCREIF's Real Estate Indexes Seek to Provide Clarity Amid Complex Market Conditions
Beth Mattson-Teig
New NCREIF data for commercial real estate performance in 2020 underscores what industry participants had anticipated—it was a tough year for appreciation and income.
Financial Times
Black Former NFL Athlete Joins Elite Club of New York City Property Developers
Joshua Chaffin
“Black developers and minority developers are significantly under-represented in the real estate community,” said Sam Chandan, the dean of the Schack Institute at New York University, who has been a champion for greater diversity in the industry.
