- Coronavirus Shutdown Stings New Jersey Mall’s Bondholders “This summer’s markets rally hasn’t helped banks and investors who lent about $2.7 billion to build the country’s second-largest mall, near the Meadowlands Sports Complex in New Jersey.” (Wall Street Journal, subscription required)
- Las Vegas Strip Casino Revenue Tumbles 39%, Even With Cheap Hotel Rooms “Casino revenue on the Las Vegas Strip fell 39% to $330.1 million in July from a year ago, the first full month properties were open after the coronavirus shutdown, showing the city is struggling to win back customers.” (Bloomberg)
- Ford Rethinks the Office, Betting That Work Will Be Partly Remote Longer-Term “The No. 2 U.S. auto maker asks 30,000 employees to clear out their desks to make way for workplace revamp.” (Wall Street Journal, subscription required)
- Manhattan Real Estate Market Stronger Now Than During The Great Recession, But Future Is Uncertain “The Manhattan real estate market is currently in better shape now than it was during the peak of the Great Recession, according to a recent analysis by real estate market data firm UrbanDigs, though it remains to be seen how far it has to fall.” (Forbes)
- They’re Making the Rent. Is It Costing Their Future? “Federal aid and eviction bans have kept many tenants in their homes. With that support ebbing, it can take charity and sacrifice to avoid dislocation.” (The New York Times)
- U.S. Office Market Unlikely to Recover Fully Until Late 2022, Economist Says “The U.S. office market is unlikely to recover from the effects of the novel coronavirus pandemic until late 2022 at the earliest.” (Commercial Observer)
- As Classes Begin at UC Berkeley, Students Look for Normal in an Abnormal Year “More than 31,000 undergraduates begin classes Wednesday at UC Berkeley, and even though just a fraction of them live on campus, students are seeking some semblance of a normal school year in this extraordinary time.” (San Francisco Chronicle)
- Hurricane Laura: Storm to Bring 'Unsurvivable Surge' of Destruction to US Gulf Coast “Hurricane Laura is expected to bring an “unsurvivable storm surge with large and destructive waves” to parts of the US gulf coast late Wednesday or early Thursday, officials warned, as half a million people were ordered to evacuate.” (The Guardian)
- Major Real Estate Website Now Shows Flood Risk. Should They All? “Millions of people rely on real estate websites when they're hoping to buy or rent a home. But those sites don't show buyers whether the house is likely to flood while they're living there.” (NPR)
- The Met Is Reopening: Grab Your Timed Ticket and View Jacob Lawrence “With fewer people and more protocols, the country’s largest museum is ready to welcome visitors again.” (The New York Times)
- Framework Review Complete, Fed's Powell Starts Hard Sell for Higher Inflation “After a nearly two-year review, U.S. Federal Reserve officials feel they’ve hit on a better way to meet their key goals of steady inflation and maximum employment.” (Reuters)
- Sam Zell: I’d Be Less Worried about Election if Obama-Biden Agenda Were Repeated for Next 4 Years “Billionaire investor Sam Zell told CNBC on Wednesday he’s not ready to endorse a candidate for president yet, saying the big question is whether Democrat Joe Biden would run the nation more as a centrist or tack hard left.” (CNBC)
- It's Not All Roses. Industrial Real Estate Is Facing Myriad Challenges “While industrial real estate continues to outperform other commercial property types, there are challenges - for the industrial sector - in today's climate, which includes a global pandemic.” (GlobeSt.com)
- Ex-BoE Governor Carney to Head Green Investments at Canadian Asset Manager Brookfield “Former Bank of England Governor Mark Carney is joining Canadian asset management company Brookfield (BAMa.TO) to head its green investment programme, in his first major business role since leaving Britain’s central bank in March.” (Reuters)
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