- Fed Open to Hiking Interest Rates in June “Most members of the Federal Reserve’s interest-rate setting committee are ready to lift interest rates in June if the economy shows more life, minutes released Wednesday show. The minutes of the April 26-27 Federal Open Market Committee meeting appear to echo concerns articulated in recent speeches from Federal Reserve officials, namely that the market is too complacent over the interest-rate-hike desires at the central bank.” (MarketWatch)
- Thriving on Risk in Real Estate “One tool markets use to help quantify uncertainty and turn unknowns into risks is the index, a method of measuring the value of a defined section of a market. Until recently, however, indices barely existed for a vital financial sector: commercial real estate. David Geltner, professor of real estate finance at the MIT Center for Real Estate (CRE) is pioneering new approaches to overcome the deficit and share the benefit of real estate indices for markets around the world.” (MIT News)
- These are the Best U.S. Cities for Jobs “Not all cities are created equal when it comes to work. Sometimes it may be easy to find a job, but the cost of living is high. Or a role might offer a high salary, but would deprive you of work-life balance. Glassdoor Inc., a career website, compiled a list of 25 cities that have the highest rankings, weighing all of those considerations equally. Cities making their first appearance on the list include Detroit, Cleveland, San Diego, Cincinnati, and Hartford. Last year, Raleigh, N.C., took top honors. This time, Raleigh slid to No. 8, while San Jose rose from No. 7 to No. 1.” (Bloomberg)
- Caesars Entertainment to Contribute $4 Billion to Unit’s Restructuring “Caesars Entertainment Corp. will contribute approximately $4 billion in exchange for broad liability releases in connection with its operating unit’s restructuring, a bankruptcy lawyer said Wednesday in court. David Seligman, a lawyer representing the bankrupt unit, told a bankruptcy court judge here that the $4 billion figure is the ‘midpoint’ for Caesars’ expected contribution to the restructuring of its Caesars Entertainment Operating Co., or CEOC, unit.” (Wall Street Journal)
- How the Real Estate Industry Can Help Talented Women Advance “My wish is for all women to have the opportunity to advance in the workspace if they have the talent and desire. But, according to ULI’s survey, there is still a clear gender imbalance, especially when it comes to leadership. The survey found that women make up about 25 percent of ULI members but represent just 14 percent of CEOs. Female leaders are also more likely to be at the helm of smaller firms than larger ones. ULI speculates that this is likely because roadblocks in larger organizations box them out of senior roles.” (Entrepreneur)
- Is the Silicon Valley Real Estate Bubble About to Explode? “While rental prices in the Bay Area are as nightmarishly expensive as they’ve ever been, it’s getting noticeably harder to sell a mansion in Silicon Valley. In super-wealthy Palo Alto, where the median price for a home is $2.1 million, Silicon Valley mansions—those costing more than $5 million—lingered on the market for 16 days in April 2016, compared to 11 days in April 2015 and 10 days in April 2014, Bloomberg reports.” (Vanity Fair)
- TJX in Store Expansion Push “While other retailers make news by posting grim first quarter results and closing stores., the nation’s leading off-price retailer is making headlines by doing just the opposite. Amid strong first quarter results that included a 7% rise in same-store sales, TJX Cos. said it plans to open about 150 more stores during the rest of this year, on top of the 47 stores it opened in its first quarter. The company, whose store banners include Home Goods, Marshalls and T.J. Maxx, is not planning on closing any stores this year.” (Chain Store Age)
- Leading Chinese Real Estate Company Partners in Seattle High-Rise “A leading Chinese real estate company could be investing in a Seattle tower planned near the Space Needle. During his trip to China, Seattle Mayor Ed Murray announced China Vanke Co. has partnered with developer Laconia on a 43-story tower at 600 Wall Street. It will be Vanke’s first investment in Seattle, according to Murray. Murray says Vanke is China’s largest real estate developer.” (MYNorthwest.com)
- Fueled by E-Commerce Demand, Global Prime Logistics Rents Rise “According to CBRE Group Inc.'s inaugural Global Prime Logistics Rents report, voracious global demand for e-commerce fulfillment centers and distribution centers fueled a 2.8 percent year-over-year increase in prime logistics rents globally, led by double-digit percentage gains in U.S. coastal markets. Six of the top 10 markets with the fastest growing prime logistics rents globally were in the U.S., led by Oakland, Calif., with a nearly 30 percent gain.” (World Property Journal)
- Uber Teams Up with Real Estate Developer to Replace Car Ownership “On Wednesday, Uber announced what it hopes will be the start of many local real estate partnerships designed to encourage residents to ditch their cars for ride-sharing and public transportation. This first partnership brings Parkmerced, a real estate development in San Francisco with over 3,000 rental apartments, into the fold. The details: new residents will receive a $100 monthly transportation subsidy from Parkmerced to use on Uber and public transit ($30 must be used on Uber, the rest can be put on a Clipper Card).” (Forbes)
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