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10 Must Reads for the CRE Industry Today (Nov. 13, 2020)

The lack of a second COVID-19 rescue bill means millions of Americans will lose benefits at the end of December. Calculated Risk analyzes the two expiring programs. Gothamist looks at how a new law is enabling New Yorkers to more easily cancel gym memberships. These are among today’s must reads from around the commercial real estate industry.

  1. Many Millions could lose unemployment benefits at the End of 2020 “In addition to regular weekly unemployment claims, there are two COVID related programs that end on December 26th. The first is the Pandemic Unemployment Assistance (PUA) Program. This is a special program that provides up to 39 weeks of benefits for business owners, self-employed, independent contractors or gig workers not receiving other unemployment insurance… The second is the Pandemic Emergency Unemployment Compensation (PEUC) Program. This program ‘provides up to 13 additional weeks of benefits to individuals who have exhausted their regular unemployment compensation (UC) entitlement.’” (Calculated Risk)
  2. What Real Estate Could Expect From the Next Administration “The scenario could be positive for commercial real estate, with increased emphasis on fighting the pandemic, boosting affordable housing, tackling infrastructure needs and possibly avoiding tax reform that could hurt investors, such as changes to 1031 exchanges and Opportunity Zones.” (Commercial Property Executive)
  3. The Real Opportunity In The Redevelopment Of American Malls “These structures need a full-body makeover — and quickly, if they are to become more than giant eyesores. There have been proposals among the commercial real estate reuse crowd: These buildings could be turned into hospitals, housing for the homeless or schools. No one can know for sure what uses are sure-fire wins.” (Forbes)
  4. Building With Burch: Lendlease’s Development Maestro Is Betting Big on NYC “The daughter of two real estate brokers, Melissa Burch was surrounded by industry chatter in her early years and captivated by the ‘why’ behind the fast-paced development of her hometown, Columbus, Ohio. With an interest in public-private partnerships, she took a chance and cold called Bruce Ratner in 2002 — a call that would lead to 13 years at Forest City and her overseeing the firm’s 22-acre Atlantic Yards project in Brooklyn (now called Pacific Park).” (Commercial Observer)
  5. Newly Signed Law Makes It Easier For New Yorkers To Cancel Gym Memberships “The new consumer protection law, signed by Governor Andrew Cuomo on Wednesday, requires that businesses with automatic renewal services provide an easy way to cancel gym memberships, such as online rather than in-person or other inconvenient ways.” (Gothamist)
  6. El Paso market poster child for bullish US industrial outlook, CBRE says “Buoyed by the recently enacted U.S.-Mexico-Canada Agreement (USMCA) and by significant population growth that will support e-commerce activity, the Texas border city will experience a broadening of its manufacturing and logistics base at least through mid-decade, according to a report on the 2021 U.S. industrial property segment released Thursday by real estate services giant CBRE Inc. Industrial asking rents in the El Paso market are expected to climb 28.5% through 2025, CBRE said.” (Freight Waves)
  7. The NYC Restaurant Rent Crisis Is Not Letting Up “The rent crisis for NYC’s restaurants and bars is continuing to worsen. A new survey of more than 400 establishments citywide conducted by the NYC Hospitality Alliance reveals that 88 percent of restaurants could not pay full rent in October. That’s up just one percent from the survey in August, but it’s indicative of the fact that restaurants and bars are continuing to struggle with fixed costs like rent even with the re-introduction of limited indoor dining in late September.” (Eater)
  8. CBRE Launches New Property Management Service “Global brokerage firm CBRE has announced it has launched CBRE Living, a new property management service for the multifamily sector that focuses on the resident experience at apartment communities.” (Multi-Housing News)
  9. Lured by luxury deals, diehard New Yorkers are moving south “While many well-heeled New York residents retreated to Yankee strongholds like the Hamptons, Nantucket and South Florida, another surprisingly large group of city slickers are decamping to the American South.” (New York Post)
  10. Co-Tenancy Provisions May Sweeten Deals For Landlords And Lessees “But now, other landlords are taking a page from this transactional playbook – an acknowledgment that times are truly uncertain, that we need to be flexible and work together, particularly as we’re experiencing an uptick in the coronavirus locally, and a terrifying surge nationally.” (Rockland County Business Journal)
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