- Extended Stay America Is a Pandemic Sleeper Hit “Like its lodging peers, given its place in a hospitality industry generally ravaged by Covid-19, Extended Stay America Inc. has underperformed the broader market this year. But that has changed in the past month as investors homed in on the fact that, while we may be in for a long and economically draining winter, relative shelter may exist in unlikely places.” (Wall Street Journal)
- Federal Reserve Says Key Bank Lending Rate Will Be Phased Out by June 2023 “An interest rate that banks around the world use as a benchmark for short-term borrowing will be phased out and eventually replaced by June 2023, the Federal Reserve announced Monday. The Fed was joined by regulators in the UK in announcing the plans for the London Interbank Offered Rate, commonly referred to as LIBOR.” (CNBC)
- Office-Using Employment to Lead Demand: Newmark “After taking a huge hit along with the rest of the jobs market in April, the first full-month of the pandemic, private sector office-using employment in the 15 largest markets in the U.S. underwent a speedy recovery in the third quarter of 2020, according to a new report from Newmark. As noted in the report, among the 20.5 million nonfarm jobs that disappeared due to the spread of COVID-19 in April, 3.1 million were office-using jobs in the private sector.” (Commercial Property Executive)
- How Climate Change Could Spark the Next Home Mortgage Disaster “Behind the vibrant life in Hialeah is a troubling reality: flooding. Heavy rains overran the streets this year, last year — almost every year. And the problem is projected to get worse: Some scientists fear the city could be underwater within the lifetimes of some current residents. Despite that grim prognosis, the federal government keeps pumping mortgage money into Hialeah, as it does in hundreds of other communities now facing grave dangers from climate change.” (Politico)
- Cyber Monday Could Hit a Record $12.7 Billion. Could Retailers Handle That Surge? “Coming on the heels of the most e-commerce intensive Black Friday yet, Cyber Monday promises to be a big new test of whether physical retailers will succeed at managing surging online demand this holiday season. Adobe Analytics, which tracks digital transactions on 80 major e-commerce sites, expects online sales could reach as much as $12.7 billion on Monday, up 35% from a year earlier. That is likely to further strain retailers coping with unusually high online sales this year.” (Fortune)
- The Franchise Relationship That Powers Small Business Is Fraying “Franchisees and executives at burger chains, hotels and fruit-basket shops used to count on chummy relations to bolster their businesses. Those days are over. Stressed by the hit to business from the coronavirus pandemic, store owners and corporate bosses at Subway, Econo Lodge and other companies are bickering publicly as never before. Companies are asking franchisees to buy equipment and adopt new safety protocols, moves they say are necessary to reassure customers during the pandemic and to grow thereafter.” (Wall Street Journal)
- JPMorgan Chase’s Jim Tenret on the Current State of D.C. Multifamily “Jim Tenret is the regional manager for JPMorgan Chase in Washington, D.C. Commercial Observer’s Partner Insights team spoke with him about the state of D.C.’s multifamily market and how JPMorgan Chase — the top multifamily lender in the U.S. — is supporting its clients through the cycle.” (Commercial Observer)
- Can the American Dream Mall Survive the Pandemic? “After years in the making, the $5 billion retail and entertainment complex in the Meadowlands finally started opening its facilities in phases in October 2019. Its retail component was set to open in mid-March, but the pandemic forced the owner, Triple Five, to put that on hold. It finally opened more than 80 stores and attractions in October, but the pandemic has taken its toll.” (The Real Deal)
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