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13 Must Reads for the CRE Industry Today (July 30, 2020)

Washington lawmakers introduced a bill that would create a government-backed funding vehicle for struggling CMBS borrowers, according to the Wall Street Journal. Retailers that have introduced policies requiring masks in stores are finding them challenging to implement, reports The New York Times. These are among today’s must reads from around the commercial real estate industry.

  1. New Legislation Would Aid Cash-Strapped Commercial-Property Owners “Lawmakers are introducing a bill to provide cash to struggling hotels and shopping centers that weren’t able to pause mortgage payments after the coronavirus shut down the U.S. economy.” (Wall Street Journal, subscription required)
  2. ICSC Commends Congressmen Van Taylor (R-TX), Al Lawson (D-FL) and Andy Barr (R-KY) for Introduction of the HOPE Act “As the COVID-19 crisis continues to threaten the viability of the shopping center industry due to the closure of stores and restaurants, ICSC applauds the bipartisan efforts of members of the House of Representatives introducing a solution creating a temporary relief plan for commercial real estate (CRE) borrowers.” (Business Wire)
  3. Property Management: Making Sure Rent Is Collected During A Crisis “Multifamily housing is known as a recession-resilient investment. However, during black swan events like the Covid-19 pandemic, landlords across the country are nervous about the potential for an influx of late payments.” (Forbes)
  4. Allen Matkins/UCLA Anderson Forecast: Pandemic to Negatively Affect California CRE Through 2023 “In the wake of the current pandemic-induced economic recession, the Summer 2020 Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey shows uniform pessimism and a drop in sentiment for developers across all commercial real estate spaces in 2023. The survey forecasts the outlook in the coming three years across the primary CRE property sectors.” (Connect California)
  5. Major Retailers Are Squatting on Prime Real Estate “Ann Taylor parent company Ascena Retail Group is among a handful of retailers that refuse to vacate stores after breaking their leases.” (The Real Deal)
  6. A Wrinkle in Stores’ Mask Policies: Enforcement “A number of large retailers have said that all customers must wear masks, but some employees have been told they cannot force those who refuse.” (The New York Times)
  7. Back-to-College Plans Devolve Into a Jumble of Fast-Changing Rules “With the fall term about to start amid pandemic, campus plans are in disarray at a host of American colleges.” (Wall Street Journal, subscription required)
  8. ‘We’re Running Out of Homes for Sale,’ Lake Tahoe Brokers Say as Tech Workers Flee Bay Area “Lake Tahoe real estate is getting snapped up at a record pace, as San Francisco tech workers flee the city in search of more space and a healthier lifestyle.” (CNBC)
  9. Walgreens CEO to Step Down “Walgreens Boots Alliance on Monday announced that Stefano Pessina is stepping down as CEO after over five years in the job. He took the post after the 2014 merger with U.K. drugstore Boots.” (Retail Dive)
  10. Victoria's Secret's Parent Company Is Laying Off 850 Employees “L Brands, parent company of Victoria's Secret and Bath & Body Works, said Tuesday that it would cut about 15% of its workforce at its Columbus, Ohio, headquarters.” (Business Insider)
  11. Maison Kayser Eyeing Exit from New York Locations “French bakery Maison Kayser might be kissing the United States au revoir, and is in talks to leave at least two locations.” (Commercial Observer)
  12. Breakthrough Properties Completes Full-Building Lease in Boston “The company formed by Tishman Speyer and Bellco Capital to focus on life sciences assets has landed a major tenant for its first ground-up development.” (Commercial Property Executive)
  13. Disney World Employees Describe the Cost of Staying Safe as Coronavirus Cases Surge in Florida “Walt Disney World in Florida began its staggered reopening process earlier this month. Business Insider spoke to four cast members who have recently been called back to Walt Disney World regarding their experiences returning to work with new guidelines amid the pandemic.” (Business Insider)
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