- How NYC Landlords Continue to Use a Rent Law Loophole to Spike Regulated Rents “More than three years after New York lawmakers sharply restricted landlords’ ability to hike rents in regulated apartments, some property owners are using a gray area in the law to combine units and dramatically jack up the rents. The state agency charged with overseeing roughly 1 million rent-regulated apartments in New York knew about the loophole as early as February 2020 and said it would be addressed that spring. But more than two years later, nothing has been done to stop the practice.” (Gothamist)
- H1 Net Lease Volume Up Across Sectors: JLL “The net lease market for the office, industrial and retail sectors is on track to surpass 2021’s strong liquidity numbers, according to JLL’s latest market report. JLL’s August market update on U.S. net leases showed that all property sectors are already ahead of 2021’s pace, even though momentum slowed down in the second half of the second quarter.” (Commercial Property Executive)
- July Makes Clear That Big Rent Hikes Are Coming to an End “Expenses are rising on most everything for consumers – including renters – and they are not able to put as many dollars toward rent, according to a report last week from real estate brokerage Redfin. The national median asking rent continued to rise in July – up 14% year over year to $2,032, the smallest annual increase since November. On a month-over-month basis, the median asking rent climbed 0.6%, the slowest growth since February and down from a 2.1% increase a year earlier, Redfin said.” (GlobeSt.com)
- Instacart Revenue Growth Accelerates Ahead of Planned IPO “Instacart orders and revenue grew in the second quarter as consumers stuck to online grocery delivery despite rising prices and store reopenings, a promising sign for investors as the company prepares for an initial public offering as soon as later this year. Instacart is one of the few companies in Silicon Valley moving toward a public listing in what might be one of the slowest years for IPOs in decades. A drop in the value of formerly highly valued technology stocks ranging from Snowflake Inc. to Uber Technologies Inc. has put renewed pressure on still-closely held companies looking to go public.” (The Wall Street Journal)
- Net Lease Re-Pricing Now Being Driven by Broader Assessment of Risk “Ample liquidity remains in the US net lease market despite easing momentum in the second half of last quarter, with what analysts at JLL are calling “real-time pricing discovery” underway leading into the second half of the year. Deals are repricing versus peak values, with further pressure expected as rate hikes continue. Market participants are contending with the impacts of inflation and the Fed’s response and while initially re-pricing was debt-driven, a broader assessment of risk is now afoot.” (GlobeSt.com)
- URW Names Developer to Build Luxury Apartments at Garden State Plaza “ne of the highest-grossing malls in the nation is about to become a neighborhood. Unibail-Rodamco-Westfield has named Mill Creek Residential as its co-developer in the construction of 550 luxury apartments that will represent the first phase of what it calls a ‘landmark transformation’ of Garden State Plaza in Paramus, N.J. The development will be integrated with the more than 2 million sq. ft. of retail by a one-acre “town green” and will include a ‘main street’ district with tenants providing food and beverage and everyday conveniences and services. It is expected to open 2026.” (Chain Store Age)
- Inside Adam Neumann’s New Real Estate Venture Flow “Adam Neumann’s Flow has flavors of the WeWork venture, applied to residential real estate. Will this time be different?” (The Real Deal)
- What Does It Take to Complete Transition to Renewable Energy? “The energy industry has been greening steadily over the past decade, sustained by the evolution of technology, increased awareness, as well as new legislation. Yet, despite the accelerated spending on green technologies, the International Energy Agency reports that the world is still not on track to reach zero-net emissions by 2050. At a closer look, only about half of the spending increase is due to investments in new clean energy capacity, the other half is due to rising prices—driven mainly by severe restraints of supply chains.” (Commercial Property Executive)
- Restaurant Run by Robots to Open in SF; Plans Nationwide Expansion “It’s not a restaurant in the traditional sense — and it certainly doesn’t look like one. Mezil, a fully-autonomous robotic restaurant that resembles a large refrigerated container, will open in the Spark Social food park in San Francisco, Sunday, August 28th. The high-tech eatery is described by its founders as the ‘first of its kind in the world.’” (Chain Store Age)
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