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Nine Must Reads for the CRE Industry Today (July 10, 2020)

National office and apartment vacancy rates rose only marginally in the second quarter, reports Reuters. As online sales boom during the pandemic, the U.S. may need another 1 billion square feet of warehouse space by 2025, according to CNBC. These are among today’s must reads from around the commercial real estate industry.

  1. U.S. Office, Apartment Vacancy Rates Rise Marginally in Second Quarter: Reis “U.S. office and apartment vacancy rates rose marginally in the second quarter from a year earlier, as property owners were yet to feel the full impact of the COVID-19 pandemic, according to real estate research firm Reis Inc.” (Reuters)
  2. U.S. May Need Another 1 Billion Square Feet of Warehouse Space by 2025 as E-commerce Booms “With online sales proliferating during the coronavirus pandemic, the U.S. is going to need more warehouses to store hoards of boxes and handle those orders.” (CNBC)
  3. Investors Are Starting To See Hefty CRE Discounts In Gateway Markets “The anticipated drop in real estate values is starting to appear in major commercial real estate markets.” (Bisnow)
  4. The Tanger Outlets CEO Thinks Online Shopping Is Overrated. Now He’s Betting on It. “For years, Steven Tanger staked his business on the idea that people want to buy clothing in person. When the pandemic hit, he made a bold bet on business as usual.” (Wall Street Journal, subscription required)
  5. Cash Flow Problems? Try These Loan Workouts “Lenders are seeing a wave of loan workouts, and there are several tools available to resolve a distressed loan.” (GlobeSt.com)
  6. Andrew McDonald Named Cushman & Wakefield’s CEO of Americas “Andrew McDonald, who was president of the Western U.S. for Cushman & Wakefield, has taken over as chief executive of Americas for the global commercial real estate company, Commercial Observer has learned.” (Commercial Observer)
  7. Apartment Rents Sluggish as COVID-19 Cases Keep Rising “The multifamily market has remained one of the strongest real estate sectors even as the COVID-19 pandemic spreads throughout the United States. But a new look at this sector shows that even it has not been immune to the negative economic impact of the pandemic.” (RE Journals)
  8. Ventas’ Debra Cafaro Re-Elected as Real Estate Roundtable Chair “Members of the Real Estate Roundtable have re-elected Ventas Inc. CEO and chairman, Debra A. Cafaro as chair of the organization.” (GlobeSt.com)
  9. ‘Shark Tank’ Investor Herjavec: We’re about to See Biggest Exodus from Cities in 50 Years “‘Shark Tank’ investor Robert Herjavec said Thursday he believes the coronavirus pandemic has shifted attitudes about city living, altering the dynamics of the real estate market for years ahead.” (CNBC)

 

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