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October 30, 2023

PODCAST: JLL Chief Technology Officer Yao Morin On Why AI Is Coming For Tasks, Not Jobs

Award Winner Announced: Bisnow To Honor Mary Ann Tighe As The 2023 Icon & Influencer Award Winner Dec. 12

Artificial intelligence is one of the most divisive issues of our era. Depending on who you ask, it is either a threat or an opportunity to remove some of the most mundane activities in our lives. Brokerage firm JLL has been exploring the upsides of AI and this summer launched its own generative artificial intelligence model called JLL GPT.

PODCAST: JLL Chief Technology Officer Yao Morin On Why AI Is Coming For Tasks, Not Jobs

On this episode of Bisnow Reports, JLL Chief Technology Officer Yao Morin discusses its uses and how she thinks AI can improve the lives of brokers and help them do their jobs. She discusses the widespread angst about AI, its dangers and the concerns that…

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Weill Cornell Medicine Expands To 300K SF In Midtown East

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Weill Cornell Medicine has signed a 300K SF deal to build a new healthcare facility in a Midtown building where it already has administrative offices. The academic institution and healthcare provider has signed a 30-year lease at 575 Lexington Ave. that adds 100K SF to the space it occupies today at the building, it announced Monday. Weill Cornell plans to build…

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‘It Boils Down To Life And Safety’: Fitness-For-Service Evaluations For Aging Infrastructure

PRESENTED BY:   SOCOTEC
 
‘It Boils Down To Life And Safety’: Fitness-For-Service Evaluations For Aging Infrastructure  

The integrity of commercial buildings and infrastructure, including bridges, roads and public transportation, has always been vital to the U.S., but it has become a more prominent issue in recent years. The federal government estimated that more than 45,000 bridges and 20% of roads across the country are in poor condition.…

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RXR Modifies $1.2B Sixth Avenue Office Loan With $220M Equity Injection

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RXR Realty has modified a massive maturing loan on one of its Midtown office properties, an example of the lengths owners must go through to deal with debt that is expiring. RXR has negotiated a modification of the $1.2B loan tied to the 1.8M SF building at 1285 Sixth Ave.,…

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Fissures Form For Big-Box Industrial As Tenants Delay Big-Money Moves

Fissures Form For Big-Box Industrial As Tenants Delay Big-Money Moves  

A nationwide slowdown in industrial real estate has been dubbed a normalization by every major player as the market cools from its searing state in the last few years. But third-quarter earnings reports from the country's top industrial REITs paint a more nuanced picture that shows where the soft spots are emerging.

Top-line occupancy rates remain historically high — around 97% or higher — but occupiers are piling on caution as they approach leasing decisions, according to earnings reports from Prologis, First Industrial Realty Trust and other top industrial REITs.

“Tenants are especially being deliberate about making large capex commitments, which at this point includes leasing any new warehouses in the current economic environment,” Green Street analyst Jessica Zheng told Bisnow. That uncertainty is impacting some types of industrial properties more than others. “The bigger box[es] are slowing, and that market rent…

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