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Eight Must Reads for the CRE Industry Today (Nov. 5, 2020)

The uncertainty surrounding the elections could put a damper on consumer spending, reports CNBC. Coworking spaces are seeing a bit of a boost as some workers fatigued from working-from-home have been signing up for single desk bookings, according to The Burn-in. These are among today’s must reads from around the commercial real estate industry.

  1. Tight election race could dampen consumer spending during a fraught holiday season “Greg Portell, lead partner in the global consumer practice of Kearney, a strategy and management consulting firm, said the delayed results ‘will absolutely pause consumer spending.’” (CNBC)
  2. Steve Roth: No Democratic sweep is good news for NY real estate “He went on to note that a Biden presidency would likely change the dynamic in Congress with regard to another stimulus package, including the question of federal support for big cities like New York which are facing massive budget deficits.” (The Real Deal)
  3. Coworking making a comeback amid work from home fatigue “The big news in coworking this month is all about the surge in memberships coworking operator WeWork experienced in September. A WeWork spokesperson reported that they sold 13 times more All Access passes in September than they did in August. They’re also seeing four times more single desk bookings.” (The Burn-In)
  4. SL Green Strikes Deal to Sell Manhattan Office for $952.5M “SL Green Realty has entered into a contract to sell, along with its partners, its stake in an office building it has been redeveloping at 410 Tenth Ave. The 20-story, 636,000-square-foot building is trading for $952.5 million to an undisclosed buyer.” (GlobeSt.com)
  5. Cities in the South and Midwest are paying people to move in: Here’s how it’s going “What caught Otunye’s attention: an incentive program offering $10,000 to remote workers who relocate to the Shoals metro area, which comprises the cities of Muscle-Shoals, Florence, Sheffield, and Tuscumbia. The Shoals is doubling down on its program amid the pandemic, opening it up to 25 participants, up from 10 in 2019.” (Grow)
  6. How the pandemic pushed crafters toward Michaels “In its second quarter, Michaels reported a net sales increase of 11.1% to $1.1 billion. The retailer also saw 353% in e-commerce growth. In early July, the company reopened its brick-and-mortar stores, and it launched several initiatives between August and early September, including new rewards program perks, a MichaelsPro program for makers and two concept stores in Texas.” (Retail Dive)
  7. DivcoWest Completes $160M Silicon Valley Office Sale “DivcoWest has sold Tasman at North First, a three-building property in San Jose, Calif., for $160 million. A South Korean investment group acquired the 317,612-square-foot office and R&D campus. A JLL team brokered the transaction.” (Commercial Property Executive)
  8. IRS Releases New Regs on Income for LIHTC Housing “The US Internal Revenue Service has released new regulations regarding the income averaging option for Low Income Housing Tax Credit housing. Income average is used by LIHTC properties use to serve residents making up to 80% of the median area income. The new regulations address several key issues and provide clarity for the model.” (GlobeSt.com)
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