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Nine Must Reads for the CRE Industry Today (July 18, 2020)

Decades-old businesses are shutting down due to the economic hardship caused by the coronavirus, reports The New York Times. The Associated Press looks at life inside nursing home facilities during the pandemic. These are among today’s must reads from around the commercial real estate industry.

  1. For Owners of Century-Old Businesses, Shutting Down Brings a Special Pain “The pandemic has devastated many of the country’s small-business owners; nearly a quarter of companies closed either temporarily or permanently in March and April, according to a study published by the National Bureau of Economic Research.” (New York Times)
  2. U.S. Home Construction Jumps 17.3% in June “Construction of U.S. homes jumped 17.3% in June as some states reopened, but the pace still lags last year after this spring’s massive slowdown in building activity due to the coronavirus outbreak.” (CNBC)
  3. Blackstone’s Secondary Fund Raises $1.9B “Blackstone’s secondary and fund solutions business, Strategic Partners, has completed the final close for Strategic Partners Real Estate VII LP, having raised $1.9 billion for the fund and its related committed program vehicles.” (Commercial Property Executive)
  4. J.Jill in New Bid to Avoid Bankruptcy “J.Jill has once again kept a bankruptcy filing at bay. The struggling women’s apparel retailer, which operates 280 stores, said Thursday it has reached an agreement with lenders to extend a forbearance period to July 23 to give the company more time to complete negotiations.” (Chain Store Age)
  5. Airbnb Was Like a Family, Until the Layoffs Started “The moves thrust Airbnb into the center of a growing debate in Silicon Valley: What happens when a company that has positioned itself as family to its employees reveals that it is just a regular business with the same capitalist concerns — namely, survival — as any other?” (The New York Times)
  6. Days Grow Long at Nursing Homes as Virus Lockdowns Drag On “Today, Southern Pines is like many nursing homes, neither in the heat of panicked battle nor past it. Normalcy remains a distant hope, the threat is as persistent as at the onset, and no clear path forward has emerged.” (AP)
  7. Stunning Rebound: Bay Area Home Sales Surged Nearly 70% from May to June; Prices Rose 3.6% “The Bay Area home market saw an enormous resurgence in sales and a modest increase in prices from May to June, as pent-up demand and record-low interest rates collided with sparse inventory, according to a California Association of Realtors report issued Thursday.” (San Francisco Chronicle)
  8. Germany: Retailers Urge Fresh Stimulus to Prevent US-style Apocalypse “After a historic drop in sales due to the pandemic, retailers say further economic aid is now critical. The shift to online shopping has accelerated during lockdown, leaving Germany's bricks and mortar stores vulnerable.” (DW Akademie)
  9. How Retail Leases Will Change in a Post-COVID World “In the post-COVID world, retail leases will need to change and adapt. Several provisions will need to be changed and added to account for the possibility of a pandemic and the mandated shuttering of businesses.” (GlobeSt.com)
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