CBRE EA Blog: Deconstructing CRE

  • Why firms choose “edge cities”: Arlington and Queens

    Nov 21, 2018, 11:34 AM by Bill Wheaton
    Locating up to 25,000 new employees in Arlington and Queens will certainly have its effects on local real estate. But while local rents and commercial values will definitely rise, the broadest impacts will occur in a number of residential areas radiating out from these two sites. Living out on Long Island or beyond the beltway running SW of D.C. just became a whole lot more attractive...
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  • Can landlords really pass higher property taxes on to tenants?

    Nov 2, 2018, 12:45 PM by Bill Wheaton
    A standard commercial lease will incorporate a share of the building’s property tax costs into the rent. In this way, landlords can automatically pass tax increases on to tenants through rent increases. But do landlords always have the market power to do this—to keep the tax “incidence,” or burden, on the tenant?...
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  • Trade Wars: which real estate properties lose the most? ​

    May 25, 2018, 14:42 PM by Bill Wheaton
    The recent U.S.-China rhetoric may turn out to be just that, but we should consider what such a war might do to commercial real estate...
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  • Industrial automation may reduce net demand for industrial space

    May 18, 2018, 14:24 PM by Bill Wheaton
    Voices everywhere are suggesting that automation is about to radically change how the service sector works and generates demand for space. With U.S. manufacturing having been automating its processes for decades, we have just completed a study of how robots and automation have impacted U.S. industrial space markets since 1990...
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  • The Tax Reform Act: The impact of the SALT deduction on real estate

    Feb 2, 2018, 00:31 AM by Bill Wheaton
    Eliminating the SALT deduction will ultimately reduce aggregate spending on public education, infrastructure, public safety and other locally and state-funded services. Many in Congress believe improving such services is necessary to make the U.S. more productive and competitive and to grow its economy. Ironically, eliminating SALT could have the opposite effect.
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  • The Tax Reform Act: Mortgage interest and housing capital gains

    Jan 26, 2018, 12:56 PM by Bill Wheaton
    The new tax reform act lowers the cap on the mortgage interest deduction and extends the holding period for capital gains inclusion. While the latter is probably good, the former will do little for homeownership.
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  • The Tax Reform Act: The expensing of investment

    Jan 19, 2018, 16:31 PM by Bill Wheaton
    The new tax reform act provides for a new and novel way to depreciate new capital investment—plant, equipment and buildings. In theory, the positive impact could be significant. In the current context, however, expensing raises some concerns.
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  • Has real estate been a good hedge against inflation? Will it be in the future?

    Jul 21, 2017, 13:06 PM by Bill Wheaton
    Real estate cap rates' decline alongside government interest rates over the past 30 years has buoyed returns, with property values at pace with inflation but property net income falling behind. If cap rates begin to rise, appreciation could vanish.
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  • Why is U.S. food consumption resisting the internet?

    Jun 21, 2017, 15:02 PM by Bill Wheaton
    Online ordering of groceries is thriving and growing across the EU, but if “clicks” are to ever penetrate “bricks” in U.S. food consumption, a hybrid model may be necessary.
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  • Just how high might long-term interest rates actually go?

    Jun 7, 2017, 13:49 PM by Bill Wheaton
    Some thoughts on the factors that historically have governed the relationship between short- and long-term interest rates—and a new one.
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  • Autonomous driving: What it means for CRE

    Apr 11, 2017, 10:59 AM by Bill Wheaton
    It's on suburban highways and roads that the promised benefits of automated driving have the greatest potential.
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  • What it means for real estate: The solar-EV revolution

    Mar 16, 2017, 07:40 AM by Bill Wheaton
    The prospect for suburban living has just gotten a lot brighter. Suburban houses will not only be able to generate the energy they need internally, but also fuel their cars—and all with absolutely no CO2 emissions.
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  • What trade barriers might mean for U.S. warehouse demand

    Jan 12, 2017, 10:04 AM by Bill Wheaton
    Changes proposed by the coming administration could have a substantial effect on warehouse demand trends. Recently at EA we crunched the numbers and came up with some results...
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