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14 Must Reads for the CRE Industry Today (July 28, 2020)

CNBC looks at how an eviction crisis might look in different states. Most New York office workers continue working from home, despite the city permitting their return in June, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. How the Eviction Crisis Across the U.S. Will Look “An unprecedented eviction crisis will soon hit the U.S. The impending eviction crisis will hurt some states more than others.” (CNBC)
  2. Despite New York City’s Reopening, Few Manhattan Office Workers Have Returned “Most office workers continue to work from home even though the city permitted their return in June.” (Wall Street Journal, subscription required)
  3. How to Shrink Government’s Expensive Real Estate Footprint “COVID-19 has accelerated government's move to new workplace arrangements. A Tennessee program that has significantly cut the state's office space needs shows the way to build on those gains.” (Governing)
  4. Ventas Slashes Rents 45% on Senior Housing Operator “Senior housing and medical office REIT Ventas has renegotiated leases for a firm that operates 121 of its senior living facilities across the country.” (The Real Deal)
  5. Upsides for Some Remote Workers; Lost Pay and Security for Others “Working from home is about more than just Slack and Zoom. It could increase wages for some, but also inequality and insecurity.” (The New York Times)
  6. COVID-19 Crisis Fuels Growth in Cold Storage “Scout Capital Partners’ Vincent Signorello provides insights into the cold storage industry and reveals the pandemic's impact on the sector.” (Commercial Property Executive)
  7. Is a Late Summer Lull Coming for Net Lease? “After the Internal Revenue Service extended the deadline for 1031 exchange buyers to commit to deals, there was a spike in net lease transactions in June. When the sales numbers come out for July, there could be even more commitments.” (GlobeSt.com)
  8. How SF’s Laguna Honda Averted Coronavirus Disaster “State, feds stepped in with training, protocols and action plan for largest nursing home in California.” (San Francisco Chronicle)
  9. Google to Keep Employees Home Until Summer 2021 Amid Coronavirus Pandemic “Google will keep its employees home until at least next July, making the search-engine giant the first major U.S. corporation to formalize such an extended timetable in the face of the coronavirus pandemic.” (Wall Street Journal, subscription required)
  10. Target Joins Walmart in Staying Closed for Thanksgiving This Year “Two of the biggest retailers in the U.S. are closing their doors on Thanksgiving this year, sidestepping a recent tradition of keeping the lights on for customers to bargain hunt after their turkey dinners.” (CNBC)
  11. California Families Fight Restricted Access to Loved Ones in Long-Term Care “As the pandemic drags on, and most of California’s long-term care facilities remain virtually shuttered to visitors, families are saying that video calls and window visits aren’t enough. They want the state to allow in at least one “essential caregiver” to watch over their loved ones.” (San Francisco Chronicle)
  12. Albertsons Signals Slowing Demand After Lockdown Boost “Albertsons Cos Inc ACI.N reported a 26.5% rise in quarterly same-store sales on Monday, but the grocer signaled weakening demand in the current quarter as consumers temper their spending on daily essentials as lockdown restrictions ease.” (Reuters)
  13. Amazon Accuses Denver Real Estate Firm of ‘Significant Fraud and Kickback Scheme’ “Amazon has sued Denver-based real estate firm Northstar Commercial Partners over what the retail giant is calling “a significant fraud and kickback scheme,” providing details on what likely prompted an April FBI raid at the home of Northstar CEO Brian Watson.” (BusinessDen)
  14. The Rise and Fall of J.Crew “J.Crew was the first big retail chain to file bankruptcy in the wake of coronavirus lockdowns. But analysts say J.Crew's struggle started years earlier, as its debt mounted and it lost touch with its customers.” (Wall Street Journal, subscription required)

 

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