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12 Must Reads for the CRE Industry Today (Sept. 18, 2020)

While U.S. stores and factories are getting back to normal occupancy, offices are lagging, reports the Wall Street Journal. Election-induced volatility may give the dollar a reprieve from its months-long decline, according to Reuters. These are among today’s must reads from around the commercial real estate industry.

  1. America’s Offices Sit Half-Empty Six Months Into the Covid-19 Pandemic “Six months after coronavirus lockdown orders closed workplaces across the country, most offices in the U.S. are still quiet.” (Wall Street Journal)
  2. Bruised Dollar May Bounce if U.S. Election Gets Chaotic “Some investors are betting that a bout of election-induced volatility may be just the thing to give the battered dollar a reprieve from its months-long decline.” (Reuters)
  3. Deal Reached in N.J. for ‘Millionaires Tax’ to Address Fiscal Crisis “Gov. Philip Murphy said the tax would help make up shortfalls caused by the pandemic, but Republicans warned it would lead to an exodus of wealthy residents.” (The New York Times)
  4. Google Receives $25M Tax Break from Nevada to Build Facility “Google will receive more than $25 million in tax breaks after pledging an additional $600 million for a new data center in southern Nevada, state officials said.” (Associated Press)
  5. A Million Mortgage Borrowers Fall Through Covid-19 Safety Net “Some homeowners don’t know they qualify for a relief program that allows them to delay payments.” (Wall Street Journal)
  6. Nursing Home Commission Reveals Divisions Over Response to Covid-19 and Recommends Immediate Improvements “An independent commission has released dozens of recommendations for testing, protective equipment, and safe visitation in nursing homes.” (MarketWatch)
  7. San Diego Hotel Sales Come to Near Standstill Since COVID-19 “Some experts are predicting that 2020 will go down as the worst year on record for the hotel real estate market.” (The San Diego Union-Tribune)
  8. U.S. Housing Starts Fall More than Expected in August as Multi-Family Home Construction Slumps “U.S. homebuilding fell in August after strong gains in the prior three months, but the housing market remains supported by record-low interest rates and demand for properties in the suburbs and low-density areas as many people work from home.” (CNBC)
  9. NYC Restaurants Will Soon Be Allowed to Add Up to 10 Percent Surcharge to Diners’ Bills “Restaurants in the city will be able to tack on the extra charge as a COVID-19 recovery measure.” (Eater New York)
  10. This Hollywood Coworking Space Is 'What Architecture Might Look Like Post-COVID' “Selgascano designed a series of garden pods for Second Home, a coworking company in Hollywood, that have continued to function amid the threat of COVID-19.” (Los Angeles Times)
  11. Aligned Closes $1B Credit Facility—With Green Strings Attached “The terms of the hyperscale credit facility are pegged to the company’s performance with respect to sustainability metrics.” (Commercial Property Executive)
  12. REBNY Nominates Douglas Durst as Next Chairman “The chairman of Manhattan real estate heavyweight The Durst Organization would succeed Bill Rubin in the trade association's top spot.” (Commercial Property Executive)
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