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13 Must Reads for the CRE Industry Today (Sept. 5, 2020)

Brokers fees are being waived more often as rents fall and vacancies rise, reports The New York Times. Some California small businesses are forced to close, even as the state lets more businesses open, according to Reuters. These are among today’s must reads from around the commercial real estate industry.

  1. What’s With All the No-Fee Apartments in New York City? “As rents fall and vacancies climb, the fees charged by brokers are being waived more often.” (The New York Times)
  2. California Lets More Businesses Open, But For Some It's Too Late “Nationwide, half of small businesses said sales were down by 25% or more in August from pre-pandemic levels, according to a survey of 20,000 companies by the National Federation of Independent Business.” (Reuters)
  3. U.S. Disasters Cause Insurance Double Whammy for Pandemic-Hit Businesses “As insurers brace for an expensive natural-disaster season because of storms and wildfires ravaging parts of the United States, the novel coronavirus is giving them an odd financial break.” (Reuters)
  4. As Some New Yorkers Flee, Others Move Closer to the Office “For workers who are required to be on-site, fear of public transportation has spurred a wave of demand for homes within walking distance of their jobs.” (The New York Times)
  5. Trepp Report Shows CMBS Performs Best in Tech Cities “Trepp ranked secondary metros by important metrics in commercial real estate.” (The Real Deal, subscription required)
  6. Regus Bankruptcy Could Pose Risk to $500M in CMBS Loans: Kroll “Nearly $13B across 151 CMBS loans is backed by offices where Regus or an affiliate is a tenant, Kroll Bond Ratings Agency reports.” (The Real Deal, subscription required)
  7. NYC Hospitality Industry Has Lost 44 Percent of Its Jobs During COVID “The hospitality industry has lost more jobs than any other sector in the New York City metro area during the coronavirus pandemic, according to federal labor statistics.” (Commercial Observer)
  8. The Pandemic Is No Excuse to Surveil Students “Trying to do so is all but useless.” (The Atlantic)
  9. COVID Outbreak Hammering U.S. Commercial Property Investment Activity in 2020 “Global commercial property consultant CBRE is reporting this week that net-lease investment in the U.S. fell significantly in Q2 2020, but comprised the highest share of total volume on record amid a sharp decline in commercial real estate investment activity caused by the COVID-19 pandemic.” (World Property Journal)
  10. Amazon to Hire 10,000 More Employees in Bellevue, Washington “Amazon will hire 10,000 employees in the Seattle suburb of Bellevue over the next few years, on top of the 15,000 jobs it already plans to create there, the company said Friday.” (CNBC)
  11. Wynn Las Vegas Folds on Buffet Dining “Wynn Las Vegas is permanently shuttering its all-you-can-eat buffet service, despite best efforts to continue serving up patrons through the pandemic.” (The Street)
  12. COVID-19 Related Cases to Watch in the Commercial Real Estate Industry “There are some cases worth keeping an eye on as the number of lawsuits related to payment of rent (or more specifically, non-payment of rent) grow.” (Ulmer Attorneys)
  13. Seritage Lines Up More Asset Sales to Buy Time “Even before COVID-19 decimated the U.S. retail industry, retail REIT (and Sears Holdings spinoff) Seritage Growth Properties was struggling to redevelop properties as fast as Sears and Kmart were vacating them. The pandemic has made what was already a tough task even more difficult.” (The Motley Fool)
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