Why Airbnb is hurting NYC hotels (but not the only reason), and three more CRE stories
Apr 22, 2016
Here are the news stories you might have missed this week:
New York Post: Airbnb’s cheap rates hurt Big Apple hotels big time
It appears Airbnb has taken a bite out of the Big Apple’s hotels. Last year was the first time since 2009 that New York City’s hotel room rate declined despite more tourists than ever arriving in the city. Part of the reason why is Airbnb, which is taking a chunk of that hotel room demand. However, new hotel rooms are finally coming online, so there are more hotel rooms in New York City than ever. While hotel rates are a bit depressed this year, occupancy rates are actually up from the same time last year. Finish reading about New York’s hotel market at NYPost.com.
National Real Estate Investor: Country faces overwhelming need for affordable seniors housing options
The need for affordable seniors housing expands every day, but there’s simply not enough supply to meet existing demand. This lack of supply means that seniors communities are full and many have long waiting lists. One rarely talked about part of this problem is the escalating cost of construction and labor, especially in high-demand markets; seniors housing is competing with new office, multifamily, and retail developments in major U.S. cities for materials, labor, and land. Cities like New York are finding ways to add more seniors housing, but there’s no question that more is needed throughout the country. Visit NREIOnline.com to read more about seniors housing.
Connecticut Post: Apartment boom pushes commercial real estate
The multifamily housing segment in Connecticut is growing, and it’s pulling retail up, too. Cranes building apartment complexes are very active throughout Fairfield County, especially in Stamford, Norwalk, and Danbury. This apartment push is creating new opportunities in retail development, as well. Loans are very competitive in the Constitution State and new projects are bringing slow but steady growth throughout commercial real estate. Jump to CTPost.com to learn about this apartment boom.
Puget Sound Business Journal: Showdown: Huge high-rise projects test Seattle’s tower-spacing rules
There’s a showdown in Seattle that’s a sign of things to come. Two high-rise proposals that would sit next to each other are under review, and planning and zoning officials will ultimately decide which one wins out. The proposed towers sit less than 60 feet from each other, which is against Seattle’s 10-year-old regulations. That means one project is likely to be stopped by local officials. Because Seattle identified 29 proposed development sites with potential tower-spacing conflicts, this issue will continue to pop up in the future. Find the whole story about this high-rise showdown at BizJournals.com.