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10 Must Reads for the CRE Industry Today (July 25, 2020)

Senator Kamala Harris introduced the Relief Act, which would ban evictions and foreclosures for a year, reports CNBC. Big banks are urging Congress to hurry up on another stimulus package as economic conditions are worsening, according to Business Insider. These are among today’s must reads from around the commercial real estate industry.

  1. Landlords Are Encouraged to Think Creatively as 28 Million Americans Face Eviction “Sen. Kamala Harris joined the movement to address the housing crisis in America. The California Democrat introduced the Relief Act, which would ban evictions and foreclosures for a year for tenants and homeowners. Those affected would have 18 months to make up missed rent payments. This comes on the heels of a May survey by the American Apartment Owners Association that found nearly 60% of landlords said their tenants are unable to pay rent because of the coronavirus and 80% said they’re willing to work with these renters.” (CNBC)
  2. Fed Hoped to Skirt a Second Virus Wave. Small Businesses May Sink in It “That outlook, taking shape from a range of research in recent weeks by business organizations and think tanks, suggests a reckoning awaits Federal Reserve officials and other policymakers who rolled out support quickly in March and April, and by June seemed hopeful an economic rebound was taking root.” (Reuters)
  3. Wall Street Giants Urge Congress to Fastrack ‘Expensive’ Stimulus Bill Before Recession Worsens “The economic backdrop is already worsening. The University of Michigan's consumer sentiment index slid to 73.2 in July from 78.1, erasing much of its recent gains amid fresh virus outbreaks. Credit card spending growth slowed in mid-July as well, JPMorgan said in a Wednesday note, suggesting ‘that the rapid economic rebound seen in May and early June has lost momentum.’” (Business Insider)
  4. Bankrupt Neiman Marcus to Vacate the Hudson Yards Mall in New York “It has hardly been a year since lucky invitees danced the night away and sipped champagne throughout a sprawling new Neiman Marcus department store in Manhattan, with the opening party featuring a special performance by Liza Minnelli. The bankrupt department store chain is now set to vacate the glitzy Hudson Yards shopping mall on the West Side in New York City, a Thursday court filing said.” (CNBC)
  5. CRE Women on the Obstacles They Have Overcome “As a follow up for this year’s Woman of Influence July/August celebration, we followed up with some of the women to discuss some of their biggest challenges and obstacles they have faced as a women in the CRE industry and how they have overcome those obstacles.” (
  6. Which CRE Markets Top STEM Job Growth Ranking? “Charlotte, N.C., has pushed past Austin, Texas, in the 2020 STEM Job Growth Index. Austin previously held the top spot in the STEMdex since its creation in 2016 by a partnership of RCLCO Real Estate Advisors and CapRidge Partners. Rounding out the Top 5 this year were Denver, Seattle and Raleigh, N.C. The STEMdex tracks science, technology, engineering and mathematics job growth in the country’s 38 largest metro regions.” (Commercial Property Executive)
  7. Bankrupt Brooks Brothers Gets $305M Stalking Horse Bid “A familiar team is vying for the bankrupt men’s clothier Brooks Brothers Group. An entity backed by Authentic Brands Group and Simon Property Group submitted a $305 million bid as part of a court-supervised auction for the troubled brand, Bloomberg reported. Brooks Brothers announced its Chapter 11 bankruptcy July 8.” (The Real Deal)
  8. Navigating the Pandemic and NYC’s Decarbonization Mandates Double Difficult for CRE “Navigating the reopening period after the worst pandemic in a century would seem a daunting enough task for commercial building owners. But in New York City, that's not the only obstacle commercial property executives face. They're also dealing with the Climate Mobilization Act's Local Law 97 (LL97) and its initial deadline of 2024. New York City buildings of more than 25,000 square feet must notch a 40% reduction in emissions by 2030.” (Forbes)
  9. One Month In Outdoor Dining Is an Important Yet Messy Lifeline for SF Restaurants “Alexis Solomou wanted his tables looking sharp as he prepared to open his Italian restaurant, Seven Hills, for outdoor dining in June. He placed little plants on each menu to weigh them down, thinking he’d save time during service. He put out candles, and he unfurled a rug to make the sidewalk feel cozier. But the charming neighborhood restaurant’s location on a breezy, sloping street in Russian Hill presented some issues: The candles wouldn’t stay lit. Someone tripped over the rug. And despite the plants, the menus fluttered away with the wind.” (San Francisco Chronicle)
  10. ‘Learning Hubs’ Opening Across SF to Help 6,000 Kids in Need with Distance Education “San Francisco officials are readying an unprecedented educational assistance program for the fall meant to help up to 6,000 children with their distance-learning needs, as parents and students confront the reality of starting the school year without classrooms during the COVID-19 pandemic. Starting in September, dozens of recreation facilities, libraries and community centers across the city will be transformed into ‘learning hubs,’ spaces where young students who may struggle with remote instruction can go each day to access their digital classwork and the social interactions that virtual schooling cannot provide.” (San Francisco Chronicle)
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