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Nine Must Reads for the CRE Industry Today (June 27, 2020)

New York City's distressed hotels could become affordable housing projects, reports The City. Building managers are figuring out how to reopen safely and prevent infection, according to the Washington Post. These are among today's must reads from around the commercial real estate industry.

  1. Pandemic-Emptied Hotels Could Become Affordable Housing, City Officials Suggest “Potentially thousands of vacant hotel rooms are ripe for conversion into permanent residences, deputy mayor, housing groups and hotel owners agree.” (The City)
  2. Walker & Dunlop Expands With Purchase of NYC Firm “The commercial real estate finance company has acquired Beler Advisory Group, a boutique agency established by an industry veteran and JLL alumnus.” (Commercial Property Executive)
  3. Why Fashion Brands and Their Retail Landlords Are Suing Each Other “After months of pandemic-inflicted shutdown, a legal battle over who’s responsible for rent was inevitable. The outcome for any of these cases will set a precedence for the whole industry.” (The Business of Fashion)
  4. In Silicon Valley, Developers Bet Big on the Return to Offices “As the coronavirus reshapes urban life — and prompts businesses to rethink where they want to be — a pair of California real estate investors are pushing what might seem like an unlikely vision for the future. ” (Yahoo Finance)
  5. Texas Rolls Back its Reopening a Day After Pausing Plans as Coronavirus Cases Rise “Texas Gov. Greg Abbott announced Friday that he will roll back some of the state’s reopening as coronavirus cases and hospitalizations continue to rise.” (CNBC)
  6. More Kmart, Sears Stores to Close “More Sears and Kmart stores are disappearing from the landscape.” (Retail Dive)
  7. As America Struggles to Reopen Schools and Offices, How to Clean Coronavirus from the Air “Experts are recommending measures to ensure healthy air indoors, but across the country, they are not mandatory.” (Washington Post, subscription required)
  8. Microsoft Is Permanently Closing its Retail Stores “Microsoft on Friday announced it will permanently close its 83 Microsoft Store retail locations. It will instead focus on its online store at Microsoft.com, where customers can go for support, sales, training and more.” (CNBC)
  9. Work-From-Home is Becoming Permanent for Many San Diegans. Is Everyone on Board? “Office workers can officially return to their buildings, according to state officials. But many employers have no such plans ahead.” (San Diego Union-Tribune)
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