Capitalizing on Americans’ pandemic-era desire for walkable, amenity-rich neighborhoods, publicly-traded Howard Hughes Corp. recently launched the development of about 2 million sq. ft. of multifamily, office and retail space at four of its master-planned communities. Those communities include the 22,500-acre Summerlin in the Las Vegas area, 11,400-acre Bridgeland in the Houston area, 14,000-acre Downtown Columbia in the Baltimore-Washington, D.C. area and 60-acre Ward Village in Honolulu.
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The past year has been a historically harmful time for the hotel industry as the coronavirus pandemic pushed demand off a cliff, and it has yet to climb back up.
This fall wasn't accompanied by an avalanche of hotel bankruptcies, as lenders provided enough forbearance to keep hotel owners hanging on throughout much of 2020. That is now beginning to change.
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(Bloomberg)—WeWork Cos. cut prices across the U.S. in the past few months, indicating that a post-pandemic recovery will come slowly for office rentals.
The New York-based company reduced the price of most rental units—from individual desks to small offices—in early November and again in January, according to data compiled for Bloomberg by an independent researcher. The average price reduction overall was about 10%, the data show. Some locations declined by as much as 25%.
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A bill to do away with a tax break that has been in the crosshairs of reformers for years has been introduced in the U.S. House of Representatives.
Derided by critics as a loophole, the tax break, known as carried interest, which benefits equity fund managers but also partnerships that own commercial real estate, has remained part of the tax code since 1954.
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(Bloomberg) -- The real estate unit of Koch Industries is buying a long-stalled resort and casino on the Las Vegas Strip, betting on a rebound in a city hit hard by a plunge in tourism during the Covid-19 pandemic.
The company is partnering with Fontainebleau Development, an early developer of the property before the project went bankrupt during the financial crisis. Financial terms weren’t disclosed.
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Dallas Cowboys offensive lineman William Sweet entered the National Football League as an undrafted rookie out of the University of North Carolina, earning a roster spot on the Arizona Cardinals in 2019. Before he ever played in a regular-season game, he found himself out for the year with a ligament injury.
The injury gave him time to realize that, even as a man in his early 20s, a lucrative pro sports career can end at any moment. So he started investing in real estate.
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Demand for the specialized staff that builds and manages data centers is outpacing the supply of those workers, according to a report from Uptime Institute, an advisory group focused on digital infrastructure. Globally, staffing needs are expected to grow to 2.3 million full-time workers by 2025, up from 2 million employees in 2019. At the same time, the report cites growing concern that many qualified staffers are due to retire in the next few years, causing an additional surge in demand.
“This is a fast-growing and dynamic industry — and we need people from all backgrounds, all over the world,” Uptime Institute Vice President of Research Rhonda Ascierto said.
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Many landlords had been eagerly anticipating the end of the CDC eviction moratorium that was slated for the end of 2020. While no landlord relishes having to evict tenants who are struggling due to the economic impact of COVID-19, the industry has been left with little other choice, given the complete lack of support offered by the government to landlords. And we’re talking big numbers here; the rental shortfall is predicted to be between $25.1 billion and $34.3 billion.
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