- NYC's Congestion Fees Should Impact More Than Driving Cost “Jeffrey Berman, general partner at Camber Creek, believes New York City will follow the pattern of earlier cities that have adopted congestion pricing. Residential real estate prices within the zone will increase, while commercial real estate values may actually decrease.” (Forbes)
- Barneys Begins to Raise Financing for Potential Bankruptcy “Barneys New York is raising financing for a bankruptcy filing that could come as soon as next week, people familiar with the situation told CNBC.” (CNBC)
- Three Reasons Why Home Improvement Is The Fastest-Growing Retail Category And What To Watch For “Amid the shuttering of many brick-and-mortar stores and slow growth in retail spending overall, there is one bright star: home improvement stores. Emblematic of this is the continued strong growth in revenue at Home Depot and other stores in the home improvement sector.” (Forbes)
- Hamptons Home Listings Surge to Record as Buyers Dither on Deals “Vacation-home seekers in New York’s Hamptons are in luck: They have a record number of choices -- if only they were interested in buying.” (Bloomberg)
- MTA Blames Décor, Homeless for Dip in Grand Central Terminal Dining “Revenues at Grand Central Terminal’s dining concourse fell in 2018 because of outdated décor and a continuing challenge with homeless people using the space, according to New York’s Metropolitan Transportation Authority.” (Wall Street Journal, subscription required)
- Brace Yourselves, Renters: After a Brief Pause, Seattle-Area Rents Headed Back Up “Between June 2017 and June 2018 in Seattle, median rent fell by 1.5%, to $2,486, with the median 2-bedroom unit going for $2,100. But that pause is now history. Aside from a few pockets of oversupply — found mostly in high-end neighborhoods such as Belltown and downtown Seattle — the regional rental market is swinging back in favor of landlords.” (Seattle Times)
- Virtual Reality ‘Star Wars’ Experiences Move into Malls as Clothing Stores Go Dark “Escape rooms, places where you can pay to throw an axe at the wall and virtual reality experiences that make you feel like you’re on the set of a “Star Wars” movie are popping up at malls across the country.” (CNBC)
- Office Pipeline Hits Peak in Q2 “The U.S. office market performed well in the second quarter of 2019, as the vacancy rate declined significantly year-over-year and the construction pipeline hit the highest peak of the cycle with 97.2 million square feet, according to Newmark Knight Frank’s most recent report on the U.S. office market.” (Commercial Property Executive)
- The Answer to the Affordable Housing Crisis Is YIMBY “The basic idea is simple: Let each street decide on its own how it wants to zone commercial activity, including construction. Of course, in some contexts the deciding entity won’t be a street but rather a block or some other very small neighborhood area.” (Bloomberg)
- New Bill Could Make It Illegal to Sell Location Data in New York City “The move could be a potential blow to retailers and other real estate operators that have latched onto tracking data to reveal consumer habits.” (Commercial Observer)
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