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Eight Must Reads for the CRE Industry Today (June 20, 2020)

California’s proposed ban on commercial evictions failed to advance, according to Connect California. Both the Wall Street Journal and The New York Times look at whether young people leaving big cities will eventually come back. These are among today’s must reads from around the commercial real estate industry.

  1. Trump Has Half a Billion in Loans Coming Due. They May Be His Biggest Conflict of Interest Yet. “Win or lose in November, one thing won’t change for Donald Trump: Over the next few years, his company must settle a series of whopping debts. Before the end of a theoretical second term, his company will have to refinance—or, in a far less likely scenario, pay off—nearly a half-billion dollars in loans linked to some of his most prized assets, including Trump Tower. These debts are maturing at a perilous moment for Trump, whose hotels and resorts have been plagued by declining revenues.” (Mother Jones)
  2. California Commercial Evictions Moratorium Bill Fails “California SB 939 failed to advance from the Senate Judiciary Committee on Thursday. The bill would have placed a moratorium on commercial evictions but was held on the suspense file and failed to make it out of the Senate Appropriations Committee. If it had passed opponents say the bill would have allowed businesses to withhold rent indefinitely and created a new, special protected class of businesses that could walk away from lease obligations altogether, with the debt transferring to the property owner. SB 939 could have led to widespread commercial property foreclosures and job losses.” (Connect California)
  3. For Newly Remote Workers, Small Town U.S.A. Will Lose its Appeal Soon Enough “While the promise of more land, more space and less commute may sound compelling, there is the threat of boredom or, a worse fate for many, career marginalization. Working away from main offices also could be more “work” than employees bargained for. Y. Sekou Bermiss, associate professor of management at the McCombs School of Business at The University of Texas at Austin, says his research has shown remote employees actually end up working more to compensate for lost facetime.” (Wall Street Journal, subscription required)
  4. The Pandemic Sent Young New Yorkers Packing. Will They Return? “The virus crisis has shifted the nature of work and the notion of office space with lightning speed. Companies are redesigning offices to allow more space between employees and embracing work-from-home arrangements. Two companies that have invested heavily in New York City, Facebook and Twitter, have already decided that some employees can work remotely for the foreseeable future.” (The New York Times)
  5. CREFC, NYU Launch Diversity Endowment Collaboration “The Commercial Real Estate Finance Council and the Schack Institute of Real Estate at the New York University School of Professional Studies have announced the creation of the CREFC Center for Real Estate Finance at the Schack Institute.” (
  6. How Will Hudson Yards Survive the Pandemic? “Hudson Yards’ success — or failure — in adapting to a post-COVID world will be a bellwether for New York’s real estate industry, but even beyond that, for the city’s overall economic health, as it embodies prime engines that help keep New York City running: high-end retail, luxury housing and Class A office space.” (The New York Times)
  7. JLL Reopens Chicago Headquarters, On Track to Open 100 Offices by End of July “Jones Lang LaSalle Inc. said Thursday it has re-opened more than 75 offices in the U.S., or a little more than half of its portfolio, including its headquarters in Chicago. The real estate management company said it is on track to reopen nearly 100 offices by the end of July. Internationally, JLL said it has opened 84 offices in the Asia Pacific region and 78 offices in the Europe, Middle East and Africa region." (MarketWatch)
  8. New York City Restaurants Can Open with Outdoor Seating on Monday, Mayor Says “De Blasio signed an executive order launching Open Restaurants, the official plan for reopening city eateries — an industry he called the “heart and soul” of New York’s identity — for outdoor dining beginning next week. The plan removes bureaucratic red tape and allows restaurants to serve dine-in customers with outdoor seating options including curb lanes, backyards, and patios and sidewalks. In July, outdoor dining will expand to open streets that have been temporarily closed to traffic and pedestrian plazas.” (MarketWatch)
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