- Otis Elevator’s Bet on Technology “As high-rises keep growing taller, more connected and more efficient, there is increasing pressure on Otis and rival elevator companies Schindler, Kone and Thyssenkrupp to reduce wait times for rides and to personalize experiences—for instance, by allowing riders to call elevators from smartphones.” (Wall Street Journal, subscription required)
- Now, Crown Heights Gets a Taste of Luxury “It happened in Williamsburg, and in Downtown Brooklyn. Now add Crown Heights to the Brooklyn neighborhoods seeing a wave of luxury development.” (The New York Times)
- How To Avoid Six Common Rental Property Pitfalls “When you take the step of owning your first rental property and becoming a landlord, you’ll likely underestimate just how many things can eat up your time and energy.” (Forbes)
- New York Rents Are Down from 2014 Highs. But Barneys Shows Massive Rent Hikes Still Happen “With luxury department store chain Barneys New York filing for bankruptcy this week in the wake of a rent hike at its Madison Avenue flagship, some people have cast blame on Barneys’ landlord for pushing the retailer over the edge.” (CNBC)
- Technology, Services Drive Apartment Tenant Retention “New technologies and community gathering spaces are the necessities for apartment buildings today. Properties appropriately leveraging technology, including smart home features, and integrating community gathering spaces and events, are seeing better tenant retention and faster lease times.” (GlobeSt.com)
- Questions Swirl Around 660 Madison Amid Barneys Bankruptcy “Storied retailer Barneys New York became the latest department store to fall prey to the so-called “retail apocalypse” when it filed for bankruptcy protection on Tuesday.” (Commercial Observer)
- Fundamentals Supersede Fed’s Interest Rate Cut “Don’t expect the Fed’s recent rate cut to shake up the market too much. Interest rates have remained low for the last several years and with compressed cap rates throughout California and the nation, investors won’t likely rush into new transaction simply due to the rate cut. At the moment, fundamentals are driving investment decisions more than rates.” (GlobeSt.com)
- 2 Strategies so Commercial Property Owners Don’t Get Taxed Through the Roof “We use two separate but related tax strategies – domestic production activities deduction (DPAD) and cost segregation. DPAD is how the IRS deals with assets that are fully or partially disposed of. It defines the way the IRS would identify the quantity and remaining cost of assets. Cost segregation is an engineering-based study of all the assets of a property that assigns a quantity and remaining cost to each item.” (AZ Big Media)
- When Your Tenants Have Tenants “Some office building landlords are relieved to have someone like WeWork lease-up 40,000 to120,000 square feet of their building. Instead of managing multiple tenants, they just work directly with one: the coworking company. But other landlords have restrictions on who they lease spaces to and only want “creditworthy tenants.” (Inman)
- Aggressive Expansions Fuel Seattle Office Market “The Puget Sound regional office market continues to tighten despite the number of active cranes. Second quarter reports from various commercial real estate brokerage houses reveal “aggressive expansions in Seattle and on the Eastside” along with healthy levels of job growth,” per Kidder Mathews Q2 report.” (Connect CRE News)
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