- Seven Ways Telecommuting Has Changed Real Estate “As wireless technology changes how and where people do their jobs, giving many the freedom to work remotely at least part of the time, so too is it changing their thinking about real estate. Remote workers still represent a minority of the work force. According to the Bureau of Labor Statistics, as of last year about 24 percent of employed persons worked at least part of the time at home; among those with advanced degrees, it was 42 percent.” (The New York Times)
- J.C. Penney Said to Prep for Debt Talks Ahead of Holiday Season “J.C. Penney Co. is preparing for talks with its creditors on possible transactions to ease its debt burden and give the company’s new chief executive more breathing room ahead of the critical holiday season. Advisers for the department-store chain and some of its bondholders are close to signing non-disclosure agreements, and expect to do so by the end of September, according to people with knowledge of the matter.” (Bloomberg)
- A Former WeWork Executive Who Made $300,000 and Is Now Suing Describes Strange Cultlike Culture “In February, Richard Markel was a flourishing WeWork executive, making roughly $300,000 per year as the company's vice president of West Coast construction, managing a team of 75. But when he came into work one morning, he discovered something odd. Another executive at the company named Lincoln Wood had apparently deleted all of Markel's recurring calendar appointments, essentially booting him from his meetings.” (Business Insider)
- The Empire State Building: Renewing the Affair “How do you take the measure of a New York City more physically transformed than at any time since the 1920s? The new glass ‘downtowns’ that have exploded in the last decade and a half in Long Island City and over in Jersey City. Hudson Yards’ crystalline shafts to the far west. Residential towers marching in lock step along the Queens and Brooklyn edges of the East River. The skinny supertalls slicing into the view of Central Park.” (The New York Times)
- JLL to Acquire Texas-Based Real Estate Firm “JLL reached a deal to acquire Dallas-based Peloton Commercial Real Estate in a deal that will accelerate the growth of JLL's Agency Leasing and Property Management businesses. More than 130 Peloton professionals in the Dallas and Houston offices will join JLL, according to an announcement by JLL. The acquisition is expected to close within the next few weeks.’ (Houston Chronicle)
5 Must Reads for CRE Investors Today (September 20, 2019)
The New York Times looks at how telecommuting has changed the real estate industry. A Business Insider article describes more strange happenings at WeWork. These are among today’s must reads from around the commercial real estate industry.