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Taystee Lab Building Photo: taysteebldg.com

10 Must Reads for the CRE Industry Today (Oct. 28, 2020)

Life science properties are gaining more interest in New York City, reports The New York Times. A looming housing crisis threatens millions of evictions and will leave landlords short billions of dollars, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Struggling Rental Market Could Usher in Next American Housing Crisis “A housing crisis centered on the vast apartment and home-rental markets is emerging in the U.S., threatening to send millions of renters into eviction and leave landlords short billions of dollars.” (Wall Street Journal)
  2. In a Battered New York Office Market, Life Science Is Flourishing “With state and city government support, developers are building laboratories for medical research and incubator spaces for biotech start-ups amid the race for a coronavirus vaccine.” (The New York Times)
  3. Why N.Y.C.’s Economic Recovery May Lag the Rest of the Country’s “More than one million residents are out of work, and the unemployment rate is nearly double the national average.” (The New York Times)
  4. California Unions Spend Millions on Property Tax Measure, While Real Estate Firms Counter Punch “Unions and big real estate companies are locked in an expensive fight over proposed changes to California property tax rules, each dropping tens of millions of dollars on ads to persuade voters in the final stretch before Election Day.” (Sacramento Bee)
  5. This Commercial Property Type Is Booming During COVID-19 “Warehouses, fulfillment centers and other industrial properties are the one bright spot in the commercial real estate industry, which has otherwise been pummeled by the coronavirus pandemic.” (Yahoo Finance)
  6. Sheldon Adelson’s Las Vegas Sands Considers Sale of Casinos in Namesake City “Casino mogul Sheldon Adelson’s Las Vegas Sands Corp. is considering a sale of its Las Vegas Strip operations, including two resorts and a huge convention hall, a company spokesman said.” (Wall Street Journal)
  7. Amazon Is Hiring 100,000 Seasonal Staff for the Holidays “Amazon said Tuesday it’s hiring 100,000 seasonal employees to assist with increased demand over the holiday season.” (CNBC)
  8. Howard Hughes Plans $1.4B Multifamily Project in Manhattan’s Seaport District “The Howard Hughes Corp. (NYSE: HHC) has unveiled plans for a $1.4 billion multifamily project in Manhattan’s Seaport District.” (RE Business)
  9. This Is What the New Burger King and Popeyes Drive-Thrus Will Look Like “Burger King, Popeyes and Tim Hortons are getting new drive-thrus to boost sales in the coronavirus age.” (CNN Business)
  10. CRE Debt Is Getting Harder to Find “Fortunately there is debt still available and owners have not been forced into fire sales in most property types.” (GlobeSt.com)
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