- Hurricane Ian Won't Stop Development In Climate-Vulnerable Areas, But The Strain Is Showing “The effects of climate change on the Earth’s atmosphere and a multidecade surge in population and development in western Florida compound each other, making each successive natural disaster to hit the region likely to cause more and more damage. Yet there seems to be little impetus to slow or reverse the buildup of low-lying areas that have become especially popular among the affluent, who are either relocating south or buying second homes.” (Bisnow)
- New Standards Aim to Make Building Construction Less Wasteful “The recycling effort required massive sorting and tracking, and the changing cast of subcontractors had to get used to this novel way of doing things. Most construction sites use one bin for waste and one for mixed recycling, but the Kendeda Building had recycling bins for gypsum, metals, paper, insulation, and wood.” (Propmodo)
- JLL’s Longtime CEO of Retail to Retire “Greg Maloney, president & CEO of retail at JLL, will retire on Dec. 31, after a 45-year career in the industry. Kristin Mueller, current COO of JLL’s property management platform, will succeed Maloney as president of retail property management.” (Commercial Property Executive)
- Blackstone Real Estate Closes on $3.6B Bluerock Acquisition “Affiliates of Blackstone Real Estate have closed on the previously announced Bluerock Residential Growth REIT acquisition for $24.25 per share in an all-cash transaction valued at $3.6 billion.” (GlobeSt.com)
- Price uncertainty means Yale’s endowment returns may be lower than they appear “Their analysis hinges on the pricing of illiquid assets — assets that cannot be quickly converted to cash, such as real estate, private equity and venture capital. These assets, which have no concrete market value until they are sold, must be estimated when reporting returns, and during downturns could be estimated more favorably to aid otherwise poor numbers.” (Yale Daily News)
- Burger King’s New U.S. CEO Seeks to Restore Chain’s Luster “Restaurant Brands said it is pushing to turn around the chain, having installed new leadership and earmarking $400 million to boost advertising and revamp everything from restaurant design to the way its flagship burgers are constructed. Executives said that overly complex menus, slow operations and outdated restaurants had tarnished Burger King’s standing with diners and investors.” (The Wall Street Journal)
- Hotel Chains Try to Break L.A. Real Estate Records With $50M-and-Up Condos “With properties ranging from $3.6 million and up at the Mandarin Oriental to the $75 million listing for the penthouse atop the Four Seasons residences, the biggest names in real estate are betting on the future of multi-unit living in Los Angeles.” (The Hollywood Reporter)
- Why Big Tech Is Realigning Office Portfolios “Big technology companies like Meta and Amazon are cutting back some of their Class A office space in Manhattan and office leasing experts say it’s not surprising as they and other businesses grapple with growing economic headwinds and changing space needs due to hybrid and work-from-home trends.” (Commercial Property Executive)
- DeSantis aims to stop foreign buyers of real estate “Gov. Ron DeSantis has proposed legislation that will prohibit buyers from China and seven other ‘countries of concern’ from buying agricultural land and land that is surrounding military bases. The bans will make it more difficult for foreign-based interests from China, Cuba, Russia, Iran, North Korea, Syria, or Venezuela to engage in espionage or influence operations within Florida’s borders.” (Hernando Sun)
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