Industry analysts believe that the homebuilding industry will continue to falter through the end of the year. They site at least two factors.
First, prices are rising for home buyers. This not only includes the cost of purchasing a home, but also the mortgage, since interest rates continue to rise. Second, the cost of building a home is also on the rise, largely due to a spike in the price of construction materials.
This will likely have a major impact on the rental market, as already tight housing inventories are keeping renters from buying their first homes.
Bloomberg has more.
Alexandria Real Estate Equities and the city’s Economic Development Corporation announced that they will erect a third and final tower in what will become a major life-sciences hub on Manhattan’s east side. This would increase the amount of space dedicated to the growing industry from 420,000 square feet to 550,000 square feet.
Alexandria anticipates breaking ground on this final property, which is part of the Alexandria Center for Life Science campus at East 29th Street between First Avenue and FDR Drive, in 2020. They hope to complete construction by 2022. The new building is expected to house 1,500 jobs for scientists and support staff.
Crain’s New York has more.
In a Landlords New York Minute – A (Very) Brief Look Around the World
China’s economy grew by 6.5 percent in the third quarter, its slowest rate of growth since 2009; a caravan of migrants from Honduras have reached Guatemala’s border with Mexico and plan to continue north to the United States; former Interpol chief and Chinese national Meng Hongwei, who was detained by Chinese authorities last month, may no longer be alive; and President Donald Trump appears to have acknowledged that someone from Saudi Arabia had journalist Jamal Khashoggi killed. Interior Secretary Ryan Zinke appears to have violated agency ethics rules on a fairly routine basis, a group of House Democrats allege that President Trump interfered with plans to demolish the Federal Bureau of Investigation’s headquarters because it would allow him to deny potential competitors from buying the property and developing a hotel on the site that happens to be a stone’s throw away from the Trump International Hotel at the Old Post Office Pavilion, investors will be able to avoid paying capital gains taxes should they choose to either invest in real estate or provide seed capital for start-up businesses based in areas identified as opportunity zones, more and more people are beginning to think that Amazon’s HQ2 will open in Northern Virginia, and investing in warehouses is a really good idea right now. Genetically modified mosquitoes are being released in Africa as part of an effort to fight malaria, Chicago has managed to fix its mass transit system (thereby proving that it is possible to do so even in an American city that is dominated by unions), Governor Andrew Cuomo will actually debate Republican candidate and Dutchess County Executive Marc Molinaro, the Bronx has the highest rate of bedbug violations in the city, and Mayor Bill de Blasio has appointed Sanitation Commissioner Kathryn Garcia to the position of lead-poisoning czar and former tech policy adviser to Obama White House Kelly Jin to the position of Chief Analytics Officer.
Goats need to travel with their seatbelts on in New Zealand, tourists are increasingly going into troubled areas, the reputed most delicious human in the world survived being attacked by both a bear and a shark in the span of one year, there is a hamburger expert, StarKist has admitted to tuna price fixing, China hopes to turn baiju (which can taste like anything from feet to pears) into an internationally respected spirit by opening a university dedicated to booze, scientists at Case Western Reserve University may have discovered a way to make toxic bacteria harmless, chemists may have discovered the recipe for RNA, and the artistic genius of Leonardo da Vinci may have been due to an eye disorder (intermittent exotropia) that allowed the famed polymath to see both 2-D and 3-D.