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Eight Must Reads for the CRE Industry Today (Oct. 23, 2020)

The National Multifamily Housing Council rent payment tracker found 90.6 percent of apartment households made a full or partial rent payment by Oct. 20. Apartment REITs are seeing a surge in vacancies, reports the Washington Post. These are among today’s must reads from around the commercial real estate industry.

  1. NMHC Rent Payment Tracker “The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 90.6 percent of apartment households made a full or partial rent payment by October 20 in its survey of 11.4 million units of professionally managed apartment units across the country.” (National Multifamily Housing Council)
  2. Rising Vacancies, Declining Rents Squeezing Apartment REITs “The pandemic and recession are squeezing big apartment building owners, with a surge in vacancies leading to a decline in rent growth for the first time in years.” (Washington Post)
  3. Apple Expands 'Express' Retail Store Format Ahead of Holiday Season “Apple Inc AAPL.O is expanding a new physical store format as it tries to get iPhone 12 models into customers' hands, its retail chief told Reuters in an interview.” (Reuters)
  4. Target Says it Will Hold Your Spot in Line as it Looks to Make Holiday Shopping Safer During Covid Pandemic “As the coronavirus pandemic and holiday season collide, Target said Thursday it is rolling out new measures over the next few weeks to put shoppers at ease.” (CNBC)
  5. Big Box Bust: What Does the Future Hold for NYC’s Empty Department Stores? “As COVID accelerates the decline of traditional retailers, NYC landlords suddenly have to fill big spaces once occupied by department stores.” (Commercial Observer)
  6. Newmark Announces Rebrand, Reflecting Enhanced Commercial Real Estate Platform “Newmark Group has shortened the name of its flagship commercial real estate business, announcing a rebrand that it says reflects its rapid growth and the evolution of its platform.” (Real Estate NJ)
  7. VC Investor Benchmark To Fund Startups Without Office Space “Long-time Silicon Valley investor Bill Gurley of Benchmark says a physical office is no longer a criteria for funding early stage companies.” (The Real Deal)
  8. Hines JV to Build 1st Phase of 16 MSF Project in Italy “Hines, alongside its partner Cale Street, has agreed to invest $590 million to acquire and develop Unione Zero, the first parcel of a mixed-use development in Milan, Italy.” (Commercial Property Executive)
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