- Swarmed at REIT event, Prologis and Duke mum on mega-merger “Prologis’ hostile bid for Duke Realty drew crowds at both companies’ presentations at REITWeek in Midtown Wednesday, but executives deflected questions. The deal remains in limbo some six months after San Francisco-based Prologis made its first play for the Midwest firm.” (The Real Deal)
- Rick Caruso’s rising empire “The billionaire amassed most of his fortune through real estate with a region-spanning portfolio filled with luxury retail centers, high-end apartments and a beach resort. So, as long as his ads are running every hour of the day, we took a deep dive into his unorthodox process, which started with selling parking lots and now finds him as the best known real estate developer in Southern California.” (Los Angeles Times)
- The Hotel Is 642 Feet Tall. Its ‘Architect’ Says He Never Saw the Plans. “A document obtained by The New York Times shows Mr. Schiffman’s credentials were used to fake his approval of building designs that he did not review. The document, a four-page contract addressed to Mr. Schiffman on company letterhead, shows that when Mr. Schiffman retired in 2016 from Marx Development Group, he signed an eight-point agreement with its chief executive, David Marx, detailing how the company’s design firm, DSM Design Group, could continue to use his seal of approval even though he no longer worked there.” (The New York Times)
- Office Owners Tapped Out As Historic Drought Spurs Water-Reduction Needs “In recent years, as the severity of California’s droughts has worsened, property owners have implemented new technology and initiatives to reduce their water usage, sometimes at the behest of state or local governments. But now, the low-hanging fruit has been plucked, leaving more expensive, difficult options on the table as the state contends with its worst drought in 1,200 years.” (Bisnow)
- Real estate stakeholders need to work together to meet 2050 net zero target “A coherent industry-led roadmap to support a collaborative transition journey for building owners, managers and occupiers will be critical. It will need to be underpinned by robust data on operational building performance, necessary efficiency measures and financial viability in the context of rising inflation and overall return on investment.” (Property Week)
- Home sellers are going to have to start cutting prices, says a real estate expert at a legendary $122 billion bond shop “‘Buyers see that properties are not moving as quickly, so they take a step back expecting prices to go lower,’ Shinoda said. ‘Sellers are going to have to start cutting prices.’ Already one in five sellers have had to drop their offering price, according to recent data from RedFin.” (Insider)
- I was earning 14% on a real estate investment, but all the financial advisers I interviewed wanted me to sell and invest in stocks instead. What gives? “Firstly, let’s address why so many advisers were pushing you to sell the real estate. ‘The most likely reason you ran into this issue with such prevalence is that money managers and financial advisers are often compensated based on the amount of assets that are under their management. If you sell the real estate and turn over the proceeds for them to invest, voila! They get paid on that,’ says Greg McBride, chief financial analyst at Bankrate.” (Marketwatch)
- At More Homes, Every Square Foot Is a Stage (for Rent by the Hour) “As interest in short-term rental properties has risen over recent years, so too has interest in an even shorter-term rental opportunity: Booking private residences by the hour as alternatives to traditional sets and studios. (The New York Times)
- Biden Plan for EV Chargers on Highways Meets Skepticism in Rural West “States including Utah, Wyoming, Montana, New Mexico and Colorado are raising concerns about rules the Biden administration has proposed for receiving a share of the coming $5 billion in federal funding to help jump-start a national EV-charging network. The states say it will be difficult, if not impossible, to run EV chargers along desolate stretches of highway.” (The Wall Street Journal)
- Howard Schultz: Starbucks Is Battling for the ‘Hearts and Minds’ of Workers “After six years in retirement, Howard Schultz returned to the top job at Starbucks in April — this time to try to repair rising employee unrest at the company as it resists a unionization effort that is sweeping the nation.” (The New York Times)
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