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10 Must Reads for the CRE Industry Today (July 1, 2020)

A study from Goldman Sachs showed that a national mandate requiring use of masks could help avoid a 5 percent hit to GDP, reported Business Insider. The pace of move-ins has slowed at seniors housing properties, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. National mask mandate could save US from a 5% GDP hit, Goldman Sachs says “A national mask mandate could potentially slash coronavirus infections in the US and save the country from a 5% hit to its gross domestic product, according to Goldman Sachs. In a Monday note, chief economist Jan Hatzius and his team investigated the link between wearing a mask and  certain economic and health outcomes of COVID-19.”  (Business Insider)
  2. Weak Demand for Ventas, Healthpeak Senior Housing Bodes Poorly for the Industry “Hundreds of senior housing communities halted admissions during the pandemic to protect residents against a virus that is particularly deadly to the elderly and those with health problems. That has meant lost revenue at a time when pandemic-related costs have soared. Now, as a shaky reopening proceeds in parts of the U.S., many of these communities have started admitting new seniors. But the reopening of admissions hasn’t led to a surge in move-ins and rising occupancy resulting from pent-up demand that some companies have expected.” (WSJ)
  3. No more dressing rooms: This virtual fitting experience is moving into Brookfield malls “A start-up that has developed 3D technology to scan your body in under a minute and tell you what size you are for different clothes at different retailers has teamed with one of the biggest U.S. mall owners to start opening kiosks at malls across the country. Fit:Match is rolling out this fall a handful of spaces with Brookfield, which owns malls such as Brookfield Place in downtown New York and Fashion Show in Las Vegas, the companies announced Tuesday.” (CNBC)
  4. The Woman Who Warned of WeWork’s Downfall Tells Her Story “When Joanna Strange, a former employee, found and shared with Bloomberg internal documents that showed WeWork was falling far short of its financial goals, WeWork sued her. She now says the ordeal—which included questioning from the FBI—nearly broke her.”  (Bloomberg Businessweek)
  5. San Francisco real estate groups sue city over pandemic eviction law that they say goes ‘too far’ “A collection of real estate industry and landlord groups have filed a lawsuit seeking to block a new city ordinance that prevents landlords from evicting tenants due to back rent or penalties accrued during the coronavirus health emergency.” (San Francisco Chronicle)
  6. Public Spaces Weren’t Designed for Pandemics. N.Y.C. Is Trying to Adapt. “New York City has vastly expanded its network of public spaces over the past two decades — including new showcase parks and pedestrian plazas carved from streets — that serve as the backyard for countless New Yorkers who live in small apartments. While these spaces have made the city more vibrant, they also draw crowds that now make them a public health threat.” (New York Times)
  7. Covid-19 Impacts And Ideas For Downsizing Seniors “Independent adults who downsized into zero-maintenance, amenity-rich condo or rental communities are reconsidering whether living so close to their neighbors and sharing gyms and clubhouses is a great idea at the moment.” (Forbes)
  8. More Space, Same Address “The pandemic has racked up terrible losses, but for some it has also triggered unexpected gains — at least in the size of their apartments. Suddenly in need of spaces that can accommodate working as well as living, many people have been trading up to larger units. And with shelter-in-place rules restricting moving and new guidelines in place for in-person apartment tours, many are doing so at their existing addresses.” (New York Times)
  9. NYC Restaurateurs React to the Possible Loss of Indoor Dining Next Week “For most NYC restaurant owners, the possibility of delaying indoor dining has been received with mixed emotions — there’s frustration at the blow it represents to business in the short-term, but understanding that postponing may be best for recovery in the long-term.” (Eater)
  10. Baseball Stadiums Are Closed to Fans—but This Guy’s Balcony Is Open for Business “Chip Messenger, a 45-year-old financial planner, is about to become the most popular baseball fan in Southern California. He leases a condominium in the Legend, a luxury building in downtown San Diego, where his private balcony on the 15th floor provides a clear view into Petco Park, the home of the Padres.” (WSJ)
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