Retailer Express to close around 100 stores by 2022, reports the Wall Street Journal. Some tech companies are choosing to work in old industrial buildings instead of traditional office spaces, according to the New York Times.
These are today’s must reads from around the commercial real estate industry.
- Express to Close 100 Stores by 2022 “Fashion retailer Express Inc. said it would close about 100 stores by 2022, sending shares higher Wednesday. Closures would reduce sales by $90 million by 2022.” (Wall Street Journal, subscription required)
- Why Shiny New Tech Companies Love Old Industrial Buildings “A generation of workers is rejecting cookie-cutter office space, opting instead for the manufacturing lofts that once defined New York City.” (The New York Times)
- Investors Aim to Avoid Rent Control in New Apartment Deals “Investors are continuing to pay top prices for apartment buildings in many parts of the country, despite growing political support for rent control measures that could make this business riskier.” (Wall Street Journal, subscription required)
- D-FW Tops Country in Office Lob Growth “Dallas was the top U.S. market for growth of office jobs in 2019. And the North Texas market will be another top office job generator in 2020, according to a new forecast from commercial real estate firm CBRE.” (Dallas Morning News)
- The Future Of Real Estate Tech: Nine Outlooks On What's Ahead “So where will the next wave of technological advances take the world of real estate transactions? To find out more, we asked a group of Forbes Real Estate Council members to weigh in on what they see developing in the next few years.” (Forbes)
- Big Growth in Austin Is Coming Soon, Report Says “Austin is one of the fastest-growing cities — not just in the country but in the world. A local commercial real estate company, JLL, looked at 130 cities worldwide and found that Austin is one of only two in the entire western hemisphere that’s expected to see robust growth in the near future.” (KXAN)
- Report: Real Estate Leasing Will Continue to Expand in 2020 “The U.S. commercial real estate market will see prudent expansion in 2020, according to a new survey of North American brokers and industry analysts. The survey, conducted by Transwestern and Devencore Ltd., found that medical office leasing will be higher than in 2019 and will outpace leasing in the general office and industrial markets.” (Construction Dive)
- Commercial Real Estate Pros Expect Market to Slow, but Say Deep Recession Is Unlikely “Although commercial real estate agents believe Southern Utah will experience a slight leveling out this year, it is not considered a bad thing, rather a healthy response to avoid an overheated market.” (St. George News)
- New Airbnb Hire Highlights Expansion into Hotel and Condo Rentals “Airbnb has created a new executive position to help lead its continued expansion beyond home and apartment rentals.” (Fortune)
- Banana Republic, J.C. Penney to Close Stores in Charleston, Myrtle Beach after Weak Sales “The post-holiday shakeout of underperforming stores continues with Banana Republic leaving downtown Charleston and J.C. Penney shuttering another South Carolina location.” (The Post and Courier)
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