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10 Must Reads for the CRE Industry Today (Dec. 19, 2022)

PREIT was removed from the NYSE after failing to maintain a market cap of at least $15 million, reports The Real Deal. The Real Estate Roundtable sent a letter to the Biden administration to urge the government to bring federal employees back to offices, according to CoStar. These are among today’s must reads from around the commercial real estate industry.

  1. For Landlords, Rising Housing Costs Make It Harder to Earn Passive Income “The benefits to owning a rental property—passive income and tax breaks—have been touted frequently on YouTube and TikTok in recent years. However, anyone planning to buy a rental property right now should factor in the likelihood of higher costs and unexpected expenses.” (The Wall Street Journal)
  2. Struggling mall owner booted from New York Stock Exchange “The exchange announced Thursday afternoon that it would immediately suspend trading of PREIT’s shares and begin the process of delisting the stock after the mall owner failed to maintain a market capitalization of at least $15 million.” (The Real Deal)
  3. Tech’s Bust Delivers Bruising Blow to Hollowed-Out San Francisco “As mounting signs point to a global recession in 2023, perhaps nowhere in the US stands to struggle more than San Francisco, the center of the technology boom that’s now fast unraveling. Nearly three years into the Covid era, persistent work-from-home habits, inordinately expensive real estate, homelessness and crime are colliding to threaten the city’s growth and its spot among the world’s top-tier metropolises.” (Bloomberg)
  4. US Real Estate Firms Urge Federal Government To Bring Workers Back to the Office “The Real Estate Roundtable, an organization that includes prominent real estate owners, is urging the Biden administration to do more to get federal workers back in the office to avoid setting a precedent for remote work that it says is hurting the U.S. office market.” (CoStar)
  5. Cineworld Plans To Exit 23 More Leases Amid Bankruptcy Process “The latest string of lease rejections, projected to save Cineworld $15M annually, were proposed as part of its request for a 90-day extension on its bankruptcy case. It said the extension would give it more time to evaluate its real estate and negotiate terms with landlords.” (Bisnow)
  6. Why renters are seeking out cheaper homes “Out of 2,000 renters polled in November, 74% say they’re worried about the state of the economy, and seven in 10 reported their income is not enough to make ends meet with rent, bills and home essentials.” (New York Post)
  7. ICSC New York 2022 Recap “The Innovating Commerce Serving Communities (ICSC) conference returned to New York after a two-year hiatus with over 7,000 retailers, brokers, and landlords in attendance at the Javits Center in Manhattan. Here is what we heard over the two days of events from dealmakers and experts who are driving innovation and evolution in the retail industry.” (Colliers Knowledge Leader)
  8. 'Just Like Malls': Crypto Data Center Owners Scramble For New Uses “Some mining hosts are already pivoting toward niche markets within the colocation and cloud industries, providing high-performance computing needed for a growing number of applications like artificial intelligence, machine learning and rendering digital animation for the film and video game industries.” (Bisnow)
  9. Why Returns on Digital Real Estate Don’t Compute “Their return on invested capital is meager, yet they also have had to raise mountains of cash to keep up with growth while paying dividends. Both of those weaknesses are normally a feature of REITs, though, not a bug. Unlike a normal operating company that might buy machinery or sink cash into designing a new product, both of which depreciate, real estate tends to go up in value if maintained.” (The Wall Street Journal)
  10. Qatar’s World Cup Building Frenzy Reaches Its Day of Reckoning “The real estate and tourism industries face a hard landing now the football fans are headed home — and some projects are still to be finished.” (Bloomberg)
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