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11 Must Reads for the CRE Industry Today (June 19, 2020)

Apartment rents in San Francisco are tumbling as the tech sector sheds jobs, according to the Wall Street Journal. Global Finance looks at how Brookfield is dealing with rent-stretched retail tenants. These are among today’s must reads from around the commercial real estate industry.

  1. Why Rents Haven’t Dropped in New York City “Many renters anticipated that rents might go down because of the coronavirus, but most landlords have refused to budge.” (The New York Times)
  2. NYC Freezes Rents for All Regulated Units in Response to Coronavirus “New York City rents will freeze for the roughly 2 million New Yorkers living in rent-regulated units for a year in response to the coronavirus pandemic.” (New York Post)
  3. Once Booming San Francisco Apartment Market Goes in Reverse “Rents in San Francisco, the most expensive apartment market in the U.S., are tumbling as the city’s vaunted tech sector sheds jobs and more tenants leave the city.” (Wall Street Journal, subscription required)
  4. Brookfield Doubles Down On Rent-Stretched Retailers “The risk that tenants will fall behind on rent payments or go out of business under the stresses of the global coronavirus pandemic is enormous.” (Global Finance)
  5. Empire State Realty Trust President Steps Down “Current CEO & Chairman Anthony Malkin, the grandson of the company’s founder, will replace John Kessler.” (Commercial Property Executive)
  6. J.Jill Inches Toward Potential Bankruptcy as It Enters Forbearance “J.Jill Inc. is another step closer to potentially filing for bankruptcy.” (Footwear News)
  7. STR: US Hotel Results for Week Ending 13 June “U.S. hotel performance data ending with 13 June showed another small rise from previous weeks and less severe year-over-year declines, according to STR.” (Hotel News Now)
  8. Bay Area Suburban Office Park’s Reopening Is Test for Work, Shopping During Coronavirus “San Ramon’s Bishop Ranch, a sprawling East Bay office park and mall, is creating a template for work and shopping in a pandemic, including temperature screenings and mandatory masks.” (San Francisco Chronicle, subscription required)
  9. Will Contactless Technology Be a Priority for Post-COVID-19 Workplace? “The workplace is being reimagined to include more square footage per person, plexiglass dividers, and hybrid work from home and office structures and schedules, in order to conform to new health and safety regulations. But what role will technology play, as companies look to reduce contamination on high touch surfaces?” (Mortgage Professional America)
  10. Target Signs Two Manhattan Leases, Will Replace UES Barnes & Noble “Target has signed two Manhattan leases totaling 79,000 square feet, and will replace the Barnes & Noble at the corner of East 86th Street and Lexington, Commercial Observer has learned.” (Commercial Observer)
  11. Sheldon Silver Begs Judge for Leniency: ‘I Don’t Want to Die in Prison’ “Sheldon Silver — once one of the most powerful politicians in Albany who’s been twice convicted of corruption yet still awaits sentencing — begged a judge for leniency in a handwritten letter that pleaded, “I don’t want to die in prison.” (New York Post)
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