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10 Must Reads for the CRE Industry Today (March 18, 2020)

Amazon to stop accepting products other than medical supplies and household items at its warehouses, reports Business Insider. The coronavirus sends shares of seniors housing facilities into a tailspin, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Rent Abatements and Other Relief for COVID-19 Business Disruptions? “Businesses — large and small — are being gutted by the COVID-19 pandemic and government restrictions to stem the tide of infection.” (Strook)
  2. Marriott Begins Furloughing Tens of Thousands of Employees “Marriott International Inc., the world’s largest hotel company with nearly 1.4 million rooms world-wide, said it is starting to furlough what it expects will be tens of thousands of employees as it ramps up hotel closings across the globe.” (Wall Street Journal, subscription required)
  3. Mohegan Sun, Foxwoods Casinos to Close for Two Weeks as Caution Against Coronavirus Spread “Connecticut’s two casinos — Foxwoods Resort and Mohegan Sun — will shut down for two weeks to contain the spread of coronavirus, officials said.” (New York Post)
  4. Amazon to Stop Accepting All Products Other Than Medical Supplies and Household Staples to its Warehouses Amid Coronavirus Crisis “Amazon is blocking all shipments of nonessential products to its warehouses in response to the significant increase in orders it's seeing as the novel coronavirus spreads across the US.” (Business Insider)
  5. More than 50 Major US Retailers Are Temporarily Closing Stores in an Unprecedented Move to Prevent the Spread of the Coronavirus “In an unprecedented move for US retailers, stores across the country are opting to indefinitely shut their doors to prevent the spread of the novel coronavirus in the US.” (Business Insider)
  6. Hotels Were Rolling Out Tools to Help Calm Travelers. Then Coronavirus Hit. “Hotels have always been in the business of providing a good night’s rest, but a growing number of brands are adding tools to help guests chill out and get to sleep. And that was before the anxiety caused by the coronavirus.” (The New York Times)
  7. AG James and Governor Cuomo Suspend State Debt Collection “New York will freeze collections on medical and student debt owed or referred to the state, Attorney General Letitia James and Governoer Andrew Cuomo announced Tuesday.” (Crain’s New York Business)
  8. Coronavirus Upends Senior-Housing Business, Sending Shares Reeling “The coronavirus has been sending shares of elder-care facilities into a tailspin over concern that any additional contagion in senior-care buildings could hurt operations and lead to occupancy declines.” (Wall Street Journal, subscription required)
  9. Real Estate Investors Face Down the Bear “Commercial Observer asked a number of industry insiders how severely the ongoing coronavirus outbreak might impact the commercial real estate business. The general consensus was that it would most likely cause a noticeable but ultimately brief disruption — unless, that is, it were to trigger a broader recession.” (Commercial Observer)
  10. Real Estate Observers Brace for Long-Term Coronavirus Disruptions “As coronavirus grips the region, signs of an economic slowdown are everywhere: Traffic is scant on empty streets, vacant restaurants are suspending operations, conventions and hotel bookings are being canceled, and brick-and-mortar retail is suffering.” (Daily Journal of Commerce)
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