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10 Must Reads for the CRE Industry Today (June 15, 2021)

The Abu Dhabi Investment Authority (ADIA) is considering changes to its real estate investment strategy post-pandemic, reports Pensions & Investments. California will drop distancing requirements in workplaces for vaccinated employees, according to Los Angeles Times. These are among today’s must reads from around the commercial real estate industry.

  1. Homeowners Turn to Sale Leasebacks After Pandemic Hit Housing “As rental-home investors around the U.S. snap up single-family houses, some investors are buying homes through sale-leaseback transactions, which offer struggling homeowners a way to pay off debt while staying in their home. But many experts worry they may never be homeowners again.” (The Wall Street Journal)
  2. ADIA Reviews Real Estate Strategy as Pandemic Bites “ADIA is considering changes to its real estate strategy after some of its major holdings suffered during the coronavirus pandemic.” (Pensions & Investments)
  3. Americans’ Inflation Fears Reach a Fever Pitch as Consumer Prices Rise “As the economy quickly picks up steam in the wake of the Covid pandemic, Americans expect inflation to jump in the months ahead. Overall, the expectation is that the inflation rate will be up to 4% one year from now — a new high for one-year-ahead inflation expectations — and at 3.6% three years from now, the highest level since August 2013, according to the Federal Reserve Bank of New York’s Survey of Consumer Expectations for May.” (CNBC)
  4. Microsoft Employees Slept in Data Centers During Pandemic Lockdown, Exec Says “While many top technology companies directed their employees to work from home after Covid showed up in the U.S. in 2020, some employees were so important that they had to work on site. That was the case for a select few who worked at the locations containing the servers for online services like Microsoft Teams, as well as public-cloud infrastructure powering third-party customers’ applications.” (CNBC)
  5. Forever 21 Opening In-Store Shops at Hudson’s Bay Locations “The fast-fashion retailer, through its Canadian licensee YM Inc., has entered into an agreement to open in-store shops at select Hudson’s Bay locations.  Hudson’s Bay stores at Yorkdale Mall in Toronto and Square One Shopping Centre in Mississauga, Ont. are the first to debut the shops, which feature Forever 21’s full-line collections.” (Chain Store Age)
  6. California Poised to Drop Mask Rules for Vaccinated Workers and End Distancing at Workplaces “A California safety board will vote on a proposal Thursday that would allow most fully vaccinated workers in many workplaces to stop wearing masks and end physical distancing requirements for all workers. The proposal would also end the requirement to install the cleanable solid partitions designed to reduce viral transmission through the air — like the clear plastic barriers that separate customers and cashiers.” (Los Angeles Times)
  7. Winners and Losers of the Work-from-Home Revolution “High-income workers at highly profitable companies will benefit greatly. Downtown landlords won’t.” (The Atlantic)
  8. New York Has a Housing Crisis. How Would the Mayoral Candidates Fix It? “All the leading candidates agree that housing is a top issue with huge implications for New York’s future, and each has offered a sweeping plan to tackle the problem. While their proposals overlap in many ways — every contender wants to spend more on public housing, for example — the candidates differ in the solutions and strategies they emphasize most.” (The New York Times)
  9. Foot Locker Will Close All of its Stores and Warehouses on Thanksgiving “The company told Insider that all of its North American stores, distribution centers, customer care units, production facilities, and corporate offices will be closed on the holiday. If you have a tradition of camping out Thanksgiving night for the newest releases and early Black Friday deals, you may want to rethink your plans this year.” (Business Insider)
  10. Florida Town Accidentally Sells Municipal Water Tower “A small town in Florida accidentally sold its water tower in a blundered real estate transaction. A businessman purchased a municipal building underneath the city of Brooksville’s water tower last April for $55,000 with the goal of converting it into a gym. However, when Bobby Read went to the county to get an address for his new business location, he was told the parcel he bought included the entire water tower site, according to the Tampa Bay Times.” (Associated Press)
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