In Thursday’s commercial real estate news – we’ll give you a look at what the doubling in sales at WeWork last quarter, Cirque de Soleil coming to shopping malls near you, the China trade war far, and so much more.
As WeWork Cos. grows globally, the startup is also packing more people into its rental office spaces. The move helped drive revenue up 110 percent to $342 million last quarter, according to a staff email Thursday about the co-working company’s financial performance.
Retailers and restaurants were supposed to be the big winners under the Republican tax law, but a last-minute drafting error that doubles the tax costs for badly-needed store renovations could eat into those gains.
Shopping malls with a growing surplus of space have already leased to grocery stores and medical offices. Soon they’ll try out high-wire acts. Cirque du Soleil Entertainment Group plans to open its first family entertainment center inside a mall in the greater Toronto area in September 2019, in a partnership deal with real estate firm Ivanhoé Cambridge.
The listing of the top owners of industrial real estate was compiled using responses to an online survey, earnings reports and company websites. It is based on the total size of the companies’ global portfolios as of Dec. 31, 2017.
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The fate of the off-again, on-again specter of an impending U.S.-China trade warmay be uncertain, but regardless of what happens with tariffs and exports, the U.S. commercial real estate industry continues to feel the effect of both China’s cold shoulder and the stricter U.S. regulatory environment surrounding foreign investment.
The country’s two major drugstore chains, CVS Pharmacy and Walgreens, are not immune to the impact of Amazon, which is eager to get a slice of the lucrative pharmaceutical pie, and other online retailers.