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Six Must Reads for the CRE Industry Today (Nov. 25, 2020)

Retailers are increasingly experimenting with using stores as fulfillment centers, reports The New York Times. The outlook for CMBS issuance volume brightens, according to Commercial Property Executive. These are among today’s must reads from around the commercial real estate industry.

  1. As Holidays Move Online, So Does the Holiday Shopping Season “Early last month, two Macy’s stores, in Delaware and Colorado, went ‘dark,’ meaning employees are primarily using the spaces as fulfillment centers where they process online orders and returns rather than a place for customers to browse and shop. Jeff Gennette, Macy’s chief executive, said the dark stores are part of an experiment as the company responds to customers buying more online and demanding ever-faster shipping for free.” (The New York Times)
  2. CMBS Issuance Volume Improving: KBRA “While the CMBS issuance volume has been consistently inching upward, 2020 issuance will close at roughly half of what was predicted a year ago, according to Kroll Bond Rating Agency. In its new 2021 Sector Outlook, CMBS: Slow and Steady, Kroll estimates this year’s total CMBS issuance will be 55 percent while $95 billion was anticipated.” (Commercial Property Executive)
  3. French Hotel Giant Targets U.S. with New Lifestyle Operator “European hotel giant Accor SA is betting big on lifestyle hotels, agreeing to merge its boutique properties with a U.K. company to create what it says will be the world’s largest operator of lifestyle hotels. Accor said it has agreed to form a new venture in an all-share transaction with Ennismore, a London-based hotel operator, that will include more than 70 properties. It will feature a dozen lifestyle brands, including Mama Shelter, SLS and the 21c brands that operate hotels in the U.S.” (Wall Street Journal)
  4. Tishman Speyer JV Raises $1B for Life Science Projects “Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has raised more than $1 billion in capital for its Breakthrough Life Science Property Fund and in co-investments. The fund’s aim is to develop and acquire state of the art facilities in leading biotechnology markets across the globe. The partnership is seeking additional capital for the perpetual life real estate investment vehicle that was created as part of the fund, as well as to expand the portfolio of life science research properties.” (Commercial Property Executive)
  5. Tech Giants Occupy Nearly 600M SF of U.S. Real Estate “The sluggish commercial real estate market is getting a boost from tech giants like Amazon and Google, which collectively occupy about 598 million square feet of real estate.” (The Real Deal)
  6. Abercrombie & Fitch CEO Says It Has a Playbook to Deal with Closures as COVID Threatens to Shutter Stores “The possiblity that Abercrombie & Fitch will face additional rounds of temporary store closures due to rising Covid-19 cases sent the retailer’s shares down Tuesday, despite it reporting an earnings beat, as investors feared the shutdowns could threaten Abercrombie’s key holiday shopping season. Abercrombie is calling for sales in the fourth quarter to fall 5% to 10%, which would be a steeper decline than in its latest quarter.” (CNBC)
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