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13 Must Reads for the CRE Industry Today (Oct. 14, 2020)

More white-collar employers have extended working from home until next summer, reports the New York Times. Theater chain AMC could run out of cash by the end of the year, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. July Is the New January: More Companies Delay Return to the Office “From Ford to Microsoft, white-collar companies are increasingly extending working from home through next summer.” (The New York Times)
  2. Theater Chain AMC Says It Could Run Out of Cash by Year-End “AMC Entertainment Holdings Inc. said it may be out of cash by the end of the year if it doesn’t raise additional funds or bring more moviegoers back to theaters following shutdowns caused by the coronavirus pandemic.” (Wall Street Journal)
  3. Senior Housing CEO’s Sudden Departure Ratchets Up Industry Turmoil “The head of the country’s largest senior housing owner stepped down unexpectedly last week, the latest setback for an industry that has been among the hardest-hit during the pandemic.” (Wall Street Journal)
  4. Desperate Americans Hit by Pandemic Beg Congress, Trump to Pass Economic Relief Bill “Sylvia Padilla spent last Thursday checking food pantries in Lubbock, Texas for groceries to feed herself, her daughter and three-year-old grandson.” (Reuters)
  5. Cuomo's Rent Relief Program a 'Massive Failure' “Dorisela Hernandez has lost all hope of remaining in her Manhattan studio for the duration of her lease. The 40-year-old mother of two applied to the state’s Covid-19 Rent Relief Program in August but has yet to receive word on whether she’s been approved or denied.” (Crain’s New York Business)
  6. Americold Realty Trust Buys Agro Merchants Group for $1.7B “The REIT is acquiring the fourth largest temperature-controlled warehouse company in the US.” (GlobeSt.com)
  7. Freddie Mac Buys First Multifamily Loan with SOFR “Freddie Mac has purchased its first multifamily loan indexed to the Secured Overnight Financing Rate. The deal was arranged by CBRE.” (GlobeSt.com)
  8. Bored with your Flat Pack Furniture? - IKEA Will Buy it Back “People tired of their flat pack IKEA dressers, drawers, cabinets and tables will now be able to sell them back to the furniture retailer for resale in its stores as secondhand.” (Reuters)
  9. Downtown Manhattan’s Different Sectors Feel Each Other’s Pain “The pandemic wreaks havoc on the symbiosis that has served the area so well since 9/11.” (Commercial Observer)
  10. New York’s Roosevelt Hotel Closing Permanently Due to COVID “COVID-19 has claimed the landmark Roosevelt Hotel in Midtown Manhattan.” (Commercial Observer)
  11. New Team to Reposition New Jersey’s 4.3 MSF Harborside “Mack-Cali Realty Corp. has assembled a group of industry experts from inside and beyond its walls to complete the transformation of the mixed-use office campus along Jersey City's waterfront.” (Commercial Property Executive)
  12. The Tenants Who Evicted Their Landlord “Covid-19 has revealed the depths of the nation’s rental housing crisis — but a group of Minneapolis tenants has shown that a different future is possible.” (The New York Times)
  13. Unforeseen Housing Boom Could Keep Boosting Real Estate ETFs “While more businesses are utilizing their offices less with employees working from home, an unforeseen boom in housing is helping to boost the sector and real estate-focused exchange-traded funds (ETFs).” (ETF Trends)
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