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10 Must Reads for the CRE Industry Today (March 24, 2020)

The Federal Reserve signals it would do almost anything to help the American economy, reports the Wall Street Journal. The New York City restaurant sector is fast becoming a graveyard, according to the New York Post. These are among today’s must reads from around the commercial real estate industry.

  1. From White Gloves to Latex, the Doormen of New York “Yet as protectors of the border between public and private, doormen play a role crucial to the currents of the metropolis, one never more evident than now when the front line of a global pandemic is one’s threshold.” (The New York Times)
  2. Fed Unveils Major Expansion of Market Intervention “The central bank signaled it would do practically anything—extending loans to big and small businesses, backstopping funds to municipalities and purchasing hundreds of billions of dollars of government debt—to help an American economy in a race against time.” (Wall Street Journal, subscription required)
  3. Some NYC Restaurants Stop Offering Takeout Due to Coronavirus Crisis “New York’s once-thriving restaurant scene is fast becoming a graveyard.” (New York Post)
  4. Fashion Retailer H&M Weighs Tens of Thousands of Job Cuts Because of Coronavirus “Fast-fashion retailer H&M said Monday it is weighing laying off tens of thousands of workers worldwide temporarily, as it works through interruptions to its business from the coronavirus pandemic.” (CNBC)
  5. WeWork Board’s Special Committee Is Demanding that SoftBank Follow Through With Investment “Five months after SoftBank agreed to a massive bailout of office-sharing start-up WeWork, a big part of the deal is in jeopardy of falling apart. A special committee to WeWork’s board is now trying to ensure that SoftBank doesn’t walk away.” (CNBC)
  6. Dollar General to Hire 50,000 Employees by the End of April “Dollar General Corp. dg said Monday it plans to hire 50,000 employees by the end of April, as it nearly doubles its hiring rate to support heightened demand for household essentials amid the COVID-19 pandemic.” (MarketWatch)
  7. Apartment Landlords Ready Themselves For Wave Of Unpaid Ren “Multifamily landlords are now working out how to handle the weeks and months ahead if their expected rents fall short.” (Bisnow)
  8. Deals on the Horizon: Funding CRE During the Pandemic “Lenders are fielding a high volume of calls from existing borrowers, businesses and property owners seeking help or clarity. An added burden is that most employees at these lenders are working from home as part of social distancing, which in turn reduces productivity. However, not all capital sources are seeing the same level of sluggishness.” (RE Journals)
  9. Instacart Plans to Hire 300,000 More Workers as Demand Surges for Grocery Deliveries “Instacart is looking to hire hundreds of thousands of workers to meet surging demand for grocery deliveries as millions of people are urged to stay home to limit the spread of coronavirus.” (CNN Business)
  10. California Lockdown Poised to Batter Real Estate “Property owners and managers face additional uncertainty from America’s deepening coronavirus crisis, with California issuing a statewide stay-at- home order for its 40 million residents on Thursday night. The new directive adds to mounting pressure on the commercial real estate industry across the U.S., which is already seeing large-scale retail closures, the shuttering of gaming and hospitality destinations, and a steep drop in office and apartment property tours.” (Commercial Property Executive)
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