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11 Must Reads for the CRE Industry Today (October 27, 2020)

The New York Times looks at why Dunkin’ Donuts is worth almost $9 billion. The return of Las Vegas shows will test whether live entertainment can conform to pandemic rules and still turn a profit, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Return of Big Las Vegas Shows Proves to Be a High-Wire Act “The cabaret-variety show “Absinthe” aims to reopen this week, making it one of the first shows seeking to return to the Las Vegas Strip, in a test of whether freewheeling entertainment can conform to pandemic rules and still turn a profit.” (Wall Street Journal)
  2. Why Dunkin’ is Worth Nearly $9 Billion “The restaurant chain is a pandemic success story.” (The New York Times)
  3. CRE’s Bid-Ask Spread Widens: Moody’s “As buyers and sellers approach deals from widely divergent valuation standpoints, transaction velocity is stalling.” (Commercial Property Executive)
  4. Hotels: Occupancy Rate Declined 30.7% Year-over-year “U.S. hotel occupancy was virtually flat from the previous week at 50.1%, according to the latest data from STR through 17 October.” (Calculated Risk)
  5. Tishman Speyer Jumps on the Blank-Check Company Bandwagon “Tishman Speyer has formed a $300 million blank-check company — becoming the first major real estate owner to embrace what’s become a wildly popular but speculative investing tool.” (The Real Deal)
  6. Can Gap Escape the Whirlwind? New CEO Confronts Years of Decline “Sonia Syngal must defy the vortex consuming companies that weren’t prepared for the Covid crisis. She is plotting a future of fewer stores and more fashion risks to revive the company’s namesake brand.” (Wall Street Journal)
  7. Bay Area Developer Seeking $750M Refi for Facebook Office Campus “Kylli is in the market for a $750 million loan to refinance Burlingame Point, an office campus leased by Facebook in Burlingame, Calif.” (Commercial Observer)
  8. 13 Charts That Show The State Of The New York City Real Estate Market “The drumbeat of headlines have made clear that New York City’s real estate market is weakening.” (Forbes)
  9. Midtown’s Glut of Sublease Space Has Analysts Writing Off the Submarket for 2020 “But there are signs of salvation in 2021 for America's premier office market.” (Commercial Observer)
  10. Bay Area Seniors Struggle with Loneliness as Pandemic Drags on: ‘It’s Four Walls and a TV’ “Older people are suffering the effect of extreme isolation, raising questions about quality of life.” (San Francisco Chronicle)
  11. Workers Are Slowly Coming Back to the Office, but Less than Half Have Returned “Dallas-Fort Worth leads the country in the share of employees who are back at work.” (The Dallas Morning News)
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