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10 Must Reads for the CRE Industry Today (May 1, 2021)

The National Law Review and Commercial Property Executive each have pieces analyzing the implications of some of President Biden’s tax proposals for commercial real estate. Brookfield is launching its largest ever fund at $18 billion, reports IPE Real Assets. These are among today’s must reads from around the commercial real estate industry.

  1. Section 1031 Tax Deferred Exchanges: Implications of the Biden Proposal “Section 1031 exchanges have long been credited with increasing investment in real estate, increasing deal velocity in real estate, and allowing many small businesses and investors to expand and grow their respective businesses.” (The National Law Review)
  2. Analysis: How Biden’s Tax Plan Would Reshape CRE Investment “If Congress moves to severely limit 1031 exchanges, experts say, there is likely to be an initial rush to sell properties held in 1031 before the change takes effect. That will probably be followed by a drop in the number of property sales transactions and less liquidity in the market.” (Commercial Property Executive)
  3. Brookfield targets $18bn for its largest-ever global real estate fund “The capital-raising target for Brookfield Strategic Real Estate Partners (BSREP) IV is above the $15bn raised by the predecessor BSREP III fund in January 2019. At the time, BSREP III was Brookfield’s largest-ever real estate fund.” (IPE Real Assets)
  4. Boston Properties Forms $2B Office JV with Two Sovereign Wealth Funds “The REIT and its partners will commit up to $1 billion each and have the opportunity to invest one-third of the equity in each identified deal at their discretion. In addition to providing all real-estate services, Boston Properties will commit its acquisition deal flow to the partnership subject to a specific carve-out.” (
  5. The Googleplex of the Future Has Privacy Robots, Meeting Tents and Your Very Own Balloon Wall “The company will encourage — but not mandate — that employees be vaccinated when they start returning to the office, probably in September. At first, the interior of Google’s buildings may not appear all that different. But over the next year or so, Google will try out new office designs in millions of square feet of space, or about 10 percent of its global work spaces.” (The New York Times)
  6. U.S. fast-food chains cash in, seize market share during pandemic “For the 12 months ending in March, fast-food chains dominated the restaurant market – taking in 70.2% of dollars spent eating out and 82.9% of all restaurant traffic, according to data from The NPD Group that has not previously been made public.” (Reuters)
  7. They Want You Back at the Office “With New York City set to reopen fully in July, and many companies expecting to summon workers back this summer and fall, those in commercial real estate are hoping that the rebirth they’ve tried to hasten may finally happen.” (The New York Times)
  8. How Trump scored a big tax break for conserving a golf range “Trump eventually abandoned a plan to build 16 homes and turned instead to the tax code to offset the lost profits - securing a $25 million tax deduction in exchange for a promise not to develop the land. The agreement with a nonprofit conservancy allowed him to continue using the land as a driving range for the Trump National Golf Course.” (Reuters)
  9. Florida Pot Shops Have Retail Landlords Seeing Green “He’s not the only landlord pleased by the growth of Florida’s new breed of cannabis companies. Since Florida voters overwhelmingly legalized medical marijuana in 2016, state-regulated pot producers have opened 330 dispensaries throughout Florida, including 57 across Miami-Dade, Broward and Palm Beach counties.” (Commercial Observer)
  10. Even if you’re vaccinated, indoor dining is still complicated “Faced with this new reality, I asked public health experts if it’s natural to be hesitant about our new dining normal (it is) and whether eating at restaurants indoors is still risky (you probably shouldn’t if you’re not fully vaccinated, and you should still mask indoors if you are).” (Vox)
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