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11 Must Reads for the CRE Industry Today (Aug. 12, 2020)

The pandemic froze revenue streams for commercial real estate brokerage firms during the second quarter, reports the Wall Street Journal. Owners of gyms and fitness centers in San Francisco have petitioned for permission to reopen, according to the San Francisco Chronicle. These are among today’s must reads from around the commercial real estate industry.

  1. Brokerages Took Big Financial Blows As The Coronavirus Froze Transaction Markets “The indecision wrought by the coronavirus pandemic on global business essentially froze critical revenue streams for commercial real estate brokerage firms during the second quarter.” (Wall Street Journal, subscription required)
  2. Commercial Properties’ Ability to Repay Mortgages Was Overstated, Study Finds “Thousands of commercial-mortgage borrowers have been struggling to meet payments on their loans in the midst of the coronavirus pandemic. But there might be another reason so many are falling behind: aggressive lending practices that overstated borrowers’ ability to repay.” (Wall Street Journal, subscription required)
  3. Airbnb Plans to Confidentially File for IPO This Month “Airbnb is planning to submit a confidential filing with the SEC this month to go public, a source familiar with the matter confirmed to CNBC.” (CNBC)
  4. IAC Makes $1B Investment in Casino Giant MGM Resorts “Counting on the potential of online gaming, the media and technology holding company acquired a 12 percent stake in MGM Resorts International.” (Commercial Property Executive)
  5. New York’s True Nursing Home Death Toll Cloaked in Secrecy “New York’s coronavirus death toll in nursing homes, already among the highest in the nation, could actually be a significant undercount. Unlike every other state with major outbreaks, New York only counts residents who died on nursing home property and not those who were transported to hospitals and died there.” (The Associated Press)
  6. Retail Chains Abandon Manhattan: ‘It’s Unsustainable’ “Some national chains, both retail and restaurants, are closing outlets in New York City, which are struggling more than their branches elsewhere.” (New York Times)
  7. San Francisco Fitness Centers Fear ‘Complete Collapse’ Amid Coronavirus Shutdown “Owners of boutique gyms and fitness centers flooded the San Francisco Small Business Commission meeting Monday night and pleaded for permission to reopen.” (San Francisco Chronicle)
  8. ‘It Was Like the Twilight Zone’: Few Return to Empty Manhattan Offices “Some find the workplace more isolating than home—but you can wear shorts and blast Van Halen.” (Wall Street Journal, subscription required)
  9. In the Home Stretch, Back to School Season Outlook Remains Clouded “The uncertainty around schools reopening has made this back to school season unlike any before it for retailers, with school supplies lists often unknown as districts work out details, and the normal cadence of discount events and promotions disrupted as well, experts say.” (Multi Channel Merchant)
  10. US Store Closures: Apparel Sector Accelerates Toward Record Number of Store Closures “US apparel store closures are rising amid the coronavirus crisis, and the sector has witnessed Chapter 11 bankruptcy filings by a number of major retailers so far in 2020.” (Coresight Research)
  11. Police Union to Garcetti: Don’t Drag Cops Into Your ‘Party House’ Plan “The political battle between Los Angeles Mayor Eric Garcetti and the police union escalated this week with union leaders bucking the mayor’s plans to crack down on illicit “party houses” amid the COVID-19 pandemic.” (Los Angeles Times)
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