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14 Must Reads for the CRE Industry Today (June 3, 2020)

Real estate executives and business leaders promise change as anger and frustration over racism and police brutality grip the nation, reports The Real Deal. Office developers around the country grapple with the fallout from the coronavirus pandemic, according to The New York Times. These are among today's must reads from around the commercial real estate industry.

  1. Rental-Apartment Operator Greystar Bulks Up “Greystar Real Estate Partners LLC said it is acquiring a business that manages nearly 130,000 housing units, a deal that extends Greystar’s position as the country’s largest operator of rental apartments.” (Wall Street Journal, subscription required)
  2. As Amusement Parks Reopen, Will Americans Ride Roller Coasters in a Pandemic? “As some American theme parks gingerly begin to reopen this week, they are asking whether cash-strapped, jittery thrillseekers will return in the face of a still-spreading coronavirus pandemic.” (Wall Street Journal, subscription required)
  3. Office Towers Are Still Going Up, but Who Will Fill Them? “Developers around the country are grappling with the fallout from the coronavirus pandemic as tenants cancel plans and workers fear returning to the office.” (The New York Times)
  4. SF Allowing Some Office Workers to Return in June, But Businesses Are in No Rush “San Francisco will allow some workers to return to their offices on June 15, but businesses aren’t rushing back as the coronavirus continues to be a threat.” (San Francisco Chronicle)
  5. America’s Reopening Is Dangerous. Canada Has a Better Idea. ““Double bubbles,” Canada’s modest experiment in easing social distancing, should be a model for America.” (Vox)
  6. Welltower Disposing of $1.3 Billion In Senior Housing, Outpatient Medical Assets “Welltower closed on a $300 million sale of six senior housing assets at the end of May and is also disposing of a $1 billion portfolio of seven senior housing and 29 outpatient medical properties.” (Senior Housing News)
  7. CrowdStreet, Portland Real Estate Funding Startup, Lays Off a Fifth of Its Staff “CrowdStreet, a Portland company that funds commercial real estate developments through its website, laid off 24 of its 110 employees Monday.” (Oregon Live)
  8. Decathlon Turns Stores Into Fulfillment Centers “The world’s largest sporting goods retailer is keeping its U.S. stores in the game during the COVID-19 pandemic.” (Chain Store Age)
  9. New Yorkers’ Exodus Could Unravel Rent Regulation “Rent stabilization has been a dominant force in the city’s real estate for generations, and was cemented in place by the state legislature a year ago. But if the exodus of New Yorkers continues, it could bump the housing vacancy rate up and trigger the end of the controversial policy.” (The Real Deal)
  10. Slate Retail Closes $90M Portfolio Purchase “The REIT paid nearly $17 million less than the total specified in the original purchase and sale agreement for the 623,800-square-foot collection of grocery-anchored properties.” (Commercial Property Executive)
  11. Will the Pandemic Cause Tampa Bay Businesses to Reduce Their Office Space? “Some commercial real estate landlords are skeptical that there will be a major migration to working from home.” (Tampa Bay Times)
  12. Boston Fed President Says Downtown Multifamily Could Be at Risk as Suburbs Beckon “If they didn’t have to commute, people may well prefer living in the suburbs with more space, says Eric Rosengren.” (GlobeSt.com)
  13. “Not Just Lip Service:” Real Estate Promises Change Following George Floyd’s Death “Long criticized for its lack of diversity, industry reflects on how to address long-term problems that led to crisis.” (The Real Deal)
  14. As Chaos Rules, New York’s Commercial Real Estate Market Remains An Attractive Short “Investors seem to be fundamentally misjudging the health of the New York commercial real estate market.” (Forbes)
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