DAILY READS: Jan. 10, 2020

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U.S. Creates 145,000 Jobs in December as Hiring Slows and Wage Growth Softens

“The increase in new jobs fell short of the 165,000 forecast of economists polled by MarketWatch. Wall Street was expecting a drop-off, however, after a surprisingly robust 256,000 gain in the prior month.”

Why One Firm is Betting on “Pooled Loans” to Cut Costs for CRE Borrowers

“The national commercial mortgage brokerage firm last month launched a new Pooled Loan Division that will work on behalf of its borrower clients to bundle maturing loans together to secure more favorable rates on refinancing for the entire group. The target size of each pool will be 10 to 30 loans with a total value around $250 million.”
—National Real Estate Investor

Gold Coast Condo Deconversion Blocked by Furious Condo Owners

“The owners of five units in the 38-story tower at 2 East Oak filed a complaint with the Cook County Circuit Court over wrongdoings in the building’s voting process as well as the misuse of the building’s funds. Their goal is to halt the $92 million sale of the building to ESG Kullen—set to close in February—and to acquire ballot records from the voting process.”
—The Real Deal Chicago

Updated: Sandeep Mathrani Departing From Brookfield

“The move comes less than two years after GGP, the country’s second largest mall owner, was acquired by Brookfield Property Partners in a $15 billion acquisition. Mathrani served as CEO at GGP.”
—Commercial Observer

Climate Change Impacting The Real Estate Sector (Radio)

“Jonathan Hsu, director and head of Property Research, Asia, M&G Real Estate, joined Selina Wang and Doug Krizner on Daybreak Asia. He discusses how hard the ongoing protests in Hong Kong have impacted the real estate sector, he goes on to catalysts for the market across the Asian region for the year ahead.”

Homebuilders Tap into Millennial Renters, Downsizing Empty Nesters: Analyst (Video)

“Stephen Kim, Evercore ISI, and CNBC’s Diana Olick join ‘The Exchange’ to discuss the strength in homebuilder stocks.”

Creating a “Data Economy” in the Property Industry

“Buildings themselves will start to become massive data creators, just like your computer or router. Starting from construction to demolition, buildings continuously create data. There are sensors that can monitor concrete (yes concrete) strength, temperature, and relative humidity. There are sensors available that can cost effectively measure heat, air quality, traffic, occupancy, you name it. This comes at a cost but it can answer important nagging questions for every building such as ‘which stairs and elevators are used most?’ Or, ‘which pumps get overheated during peak times?'”

Costa Hawkins: the California Law Renters Want Repealed, Explained

“The latest effort is a statewide ballot measure similar to Proposition 10, which California voters rejected in 2018. The Los Angeles-based AIDS Healthcare Foundation, which is backing the initiative, says the language of the measure will be clearer this time.”
—Curbed Los Angeles

Amazon Engaged In Office Lease ‘Deception,’ Judge Rules, Could Pay $21M In Damages

“Amazon signed an LOI to lease 310K SF at 1133 Sixth Ave. from the Durst Organization in July 2014, but never wound up taking the space. While the LOI barred Amazon from negotiating with other landlords, the company did so anyway, and eventually signed a 17-year lease with Vornado at 7 West 34th St.”

Cushman & Wakefield Study Shows How Demographic Shifts Will Impact the Global Workplace by 2030

“‘Changing demographics will drive the pace of growth in cities around the world,’” said David C. Smith, Cushman & Wakefield Vice President and Head of Americas Occupier Research. “’Global gateway markets will continue to attract high-quality workers, while emerging markets will need to establish themselves as ‘places’ to attract talent and in turn create the greatest real estate opportunities for occupiers and investors alike.’”
—Boston Real Estate Times


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