AUSTIN, Texas- International homebuyer activity added $7.8 billion to the Texas economy from April 2018 to March 2019, according to the Texas International Homebuyers Report released this week by Texas Realtors. Texas ranked third in the nation for homes sold to international buyers, behind Florida and California. Texas accounted for 10% of all homes purchased by international homebuyers in the United States, with 18,310 home sales out of 183,100 nationwide. The U.S. saw a 31% decrease in the number of foreign buyer purchases compared to the last reporting period. Texas was particularly popular with buyers from Mexico and India. Of all homebuyers from Mexico, 28% purchased a home in Texas. The next closest state, California, had 10% of the total homebuyers from Mexico. Among buyers from India, 13% chose Texas—just behind first-place Florida, with 14%. Click to read more at www.smcorridornews.com.
The biggest mall owner in the U.S., Simon Property Group, is teaming with online shopping site Rue La La’s parent company to launch a new kind of website for people looking for deals. The real estate company announced Wednesday it’s partnering with Rue Gilt Groupe, which is backed by Michael Rubin, CEO of Fanatics’ parent company Kynetic, to create a new e-commerce business for discount shopping. Simon has been testing the website “ShopPremiumOutlets.com” since March, building on its premium outlet centers business. The mall owner operates dozens of premium outlet centers nationwide and a handful overseas. It’s been working with certain retailers at those centers — which include Woodbury Common Premium Outlets in New York — to test selling merchandise together on this site. It says it has signed on more than 2,000 designers, and has about 300,000 products. Click to read more at www.cnbc.com.
It’s clear that flexible space is playing an increasing role in the evolution of real estate and won’t be going away anytime soon. Our research predicts that while flexible space currently accounts for less than 5% of U.S. office stock, by 2030, 30% of office space will include some type of flexible space. Coworking, the fastest-growing sector of the broader flexible space movement, is on pace to become the top source of office leasing in the U.S. In the first half of 2019, coworking accounted for more than 10.1 million square feet of leased space, according to JLL research. That’s more space than was leased by finance and insurance companies, which historically have been significant consumers of space, just behind technology companies. While the growth in coworking will affect players in all parts of the real estate process, there are opportunities and implications for property managers that are significant and need to be considered proactively. Property managers will need to understand if and how flexible space makes sense for their asset, whether that’s leasing space to a coworking operator, creating their own coworking space or managing tenant amenity space within their asset. Click here to read more at www.crej.com.
Lawrence, Kansas, USA (September 30, 2019) – Commercial Real Estate Women (CREW) Network has been advancing women in commercial real estate for 30 years and has introduced a new brand establishing CREW as the premier global business organization leading women and the industry into the future. The new brand was introduced on September 27 to 1,200 commercial real estate leaders attending the 2019 CREW Network Convention and Marketplace in Orlando, Florida. “This new visual identity represents the bold and modern organization that is CREW Network,” said CREW Network President Holly Neber, CEO of AEI Consultants. “For more than 30 years, our members have found success with CREW Network. We are focused first on the success of our members, as the place for commercial real estate women to become more successful business professionals, deal makers, and leaders. Our new brand is also a statement of our intentional commitment to transform the commercial real estate industry to be diverse, inclusive and equitable for all.” Click to read more at www.realmassive.com.
NEW YORK (AP) — WeWork’s new leaders formally suspended a planned stock market debut Monday, as they seek to repair the battered image of a company that appeared to revolutionize the office-rental industry and was poised just weeks ago to go public with a value of nearly $50 billion. WeWork said it will withdraw regulatory filings announcing an initial public offering, which drew tepid interest from potential investors concerned about the company’s money-losing business model and the corporate governance practices of co-founder Adam Neumann, who stepped aside last week as chief executive officer. “We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong,” the company’s new co-chief executive officers, Artie Minson and Sebastian Gunningham, said in a statement. “We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future.” Click to read more at www.marketbeat.com.
It all started with a single Taco Bell. In 1969, William and Joan Clark founded Realty Income Corp. Their goal: to provide investors with monthly dividends that increase over time. Take a look at Realty Income’s track record, and you might agree that the Clarks succeeded. In July, the San Diego-based firm declared its 589th consecutive common stock monthly dividend at $0.2265 per share, representing an annualized dividend of $2.718 per share. “This is our 50th year as a company and our 25th as a public company,” says President and CEO Sumit Roy, who served as COO from 2014 to 2018, as president since 2015, and as CEO since October 2018. “I’m so blessed to have inherited a company that has such a strong foundation and a very clear mission statement of providing shareholders with dependable monthly income that increases over time.” Realty Income has grown from that initial Taco Bell investment to the nation’s largest net lease REIT, according to Green Street Advisors, with a $19 billion portfolio. According to Realty Income, its total enterprise value stands at approximately $30 billion, with more than 5,900 properties owned under long-term lease agreements with commercial tenants. Click here to read more at www.mrej.com.