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10 Must Reads for the CRE Industry Today (June 24, 2021)

Morgan Stanley is requiring all employees and visitors to its New York offices to be fully vaccinated, reports The New York Times. Mall landlords are again turning to an old standby: pop-up stores, to help boost revenues, according to The Real Deal. These are among today’s must reads from around the commercial real estate industry.

  1. Morgan Stanley says no vaccine, no entry. “Starting July 12, employees, contingent workers, clients and visitors at Morgan Stanley’s buildings in New York City and Westchester County must attest that they are fully vaccinated, a person familiar with the matter said, citing a memo from Mandell Crawley, the bank’s chief human resources officer. Staff members who don’t will be required to work remotely, added the person, who spoke on condition of anonymity to discuss personnel-related matters.” (The New York Times)
  2. Mall landlords turn to pop-up stores to boost revenue “The pop-up stores are considered a low-risk choice to bring in revenue, while also increasing foot traffic and buzz to the shopping center, even if only for a few months.” (The Real Deal)
  3. Covid-19 Worsens Troubles in an Investor Visa Program “With a crucial part of the program set to expire, a longstanding overhaul effort is heating up on Capitol Hill. Some senators say they won’t agree to an extension without new measures meant to prevent fraud, putting the program’s future in doubt. The program has already experienced a decline in fundraising after U.S. Citizenship and Immigration Services raised the minimum amount from $500,000 to $900,000 in 2019.” (The Wall Street Journal)
  4. Biden to replace leader of Fannie Mae and Freddie Mac after high court’s ruling “The Biden administration will replace the leader of a massive U.S. housing finance agency following the Supreme Court’s ruling that its current structure is unconstitutional. The White House is moving forward to replace Mark Calabria as head of the Federal Housing Finance Agency, which oversees mortgage giants Fannie Mae and Freddie Mac, an administration official told CNBC.” (CNBC)
  5. ‘There Are Track Records Now’: More CRE Firms Pour Investments Into Maturing Proptech Sector “For many large commercial real estate firms that for decades have focused their investments on physical properties, they see investing in proptech as having multiple benefits. Not only can the investments produce sizable returns, but they also give the firms a window into the latest technological innovations that can add value to their real estate portfolio.” (Bisnow)
  6. Cushman & Wakefield’s Josh Kuriloff on How 35 Years in CRE Prepared Him For 2020 “Cushman & Wakefield Executive Vice Chairman Josh Kuriloff has seen it all over the course of a 35-year career in commercial real estate. But even those who’ve seen it all have never seen a time quite like the past year. Commercial Observer caught up with Kuriloff to assess where New York’s CRE industry stands after this trying year, and to discuss his illustrious career.” (Commercial Observer)
  7. CREFC Second-Quarter 2021 Surveys Reflect Continued Positive Sentiment for CRE Finance Market Over the Next 12 Months “The CRE Finance Council (CREFC), the industry association that exclusively represents the $4.8 trillion commercial and multifamily real estate finance industry, today announced the results of its Second-Quarter 2021 CREFC Board of Governors' (BOG) Sentiment Index Survey and Special COVID-19 Survey. The results highlight continued positive outlook for commercial and multifamily real estate finance, with 83% of the Board having an overall positive sentiment for all commercial real estate (CRE) finance business over the next 12 months, up from 72% in Q1 2021.” (Via press release)
  8. Turn Tech to Your Advantage in the New Hybrid Workplace “Instead of one work environment, many of us will have two. We’ll be constantly switching between them, collaborating with some colleagues in the office while others are at home. It may feel chaotic to figure out which tools to use — from email to video calls — for working together in each situation.” (The New York Times)
  9. Students Don't See CRE As An Option; More Undergrad Programs Would Help “Their experiences suggest that the CRE industry’s talent pipeline should make more inroads into undergraduate education, and even high school, as many students aren’t aware of the multiplicity of options in the industry, and the different career paths possible in commercial real estate.” (Bisnow)
  10. Shopping center owners split on leasing to recreational marijuana shops “Three prominent commercial property owners on whether they're open to leasing space at their shopping plazas to recreational marijuana businesses.” (Albany Business Review)
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