- As Warehouses Multiply, Some Cities Say: Enough “As warehouse construction has ballooned nationwide, residents in communities both rural and urban have pushed back. Neighborhood apps like Nextdoor and Facebook groups have been flooded with complaints over construction. In California, the anger has turned to widespread action. Several cities in this slice of Southern California, known as the Inland Empire, have passed ordinances in recent months halting new warehouse projects so officials can study the effects of pollution and congestion on residents like Ms. Lemos. Similar local moratoriums have cropped up in New York and New Jersey in recent years, but on a much smaller scale.” (The New York Times)
- Amazon Underwriting ‘Outbidding the Whole Market’ for Industrial “John Basile, Executive Vice President, Industrial Services, NAI Hiffman, tells GlobeSt.com that rising escalations are indicative of a market that was (is) extremely tight, with landlords able to push rates, in part, because of Amazon underwriting (outbidding) the whole market in recent years. He said he also is seeing 3% property management fees on these higher prices, adding to the cost.” (GlobeSt.com)
- Retailers Kick Off Black Friday in October Again, This Time with Too Much Stuff “Black Friday may be more than six weeks away, but retailers are already rolling out the deals. Target Corp. said Monday that it was beginning its Black Friday sale, which will include half-priced electronics and toys. Walmart Inc. also said it was offering sales this week for holiday shoppers. The moves come after Amazon.com Inc. said last month that it would offer another Prime Day-like event, which is slated to take place this week.” (The Wall Street Journal)
- Robert Toll, the Founder of Toll Brothers, Dies “Robert Toll, who co-founded Toll Brothers and helped transform the regional housing builder into a national development firm, died Friday at his home in New York. He was 81 and had Parkinson’s disease. The company’s former chairman and CEO was born in 1940 and grew up in a Philadelphia suburb, where his first exposure to real estate came from his father, the Wall Street Journal reported. Toll’s father was a real estate broker who bought cheap real estate bonds, acquired property and owned apartment buildings during the Depression.” (The Real Deal)
- Affordable Housing Financing Could Loosen Up, as Biden Administration ‘Acts Where it Can’ “In what it called ‘key progress’ in implementing the sweeping five-year Housing Supply Plan unveiled in May, the Biden administration late last week announced a suite of policy changes addressing the nation’s critical shortage of affordable housing amid rising inflation, a continuing public health crisis and supply chain wrinkles that have choked production of new units.” (Bisnow)
- 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. The most recent tech announcement came last week with news that Meta, the parent of Facebook and Instagram, was exercising an early termination clause and giving up 200,000 square feet of space at 225 Park Ave. South.” (Commercial Property Executive)
- Medical Office Real Estate Demand Is Outpacing Supply in DFW “Medical office space vacancy rates in Dallas-Fort Worth are more than a percentage point below the five-year average as demand remains strong in the region, according to a report from Transwestern. The report says that the DFW market is undersupplied, but as rents rise, new construction may become more feasible in the future. Interest rates and material costs are rising, which has slowed down all new construction, and the medical office building space is no different.” (D Magazine)
- Michigan Investor Buys West Loop Office Building “Real estate investor Andy Farbman is raising his bet on demand for workspace in the city bouncing back from the COVID-19 pandemic, buying a West Loop loft office building in a deal that completes a big loss for the seller.” (Crain’s Chicago Office)
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