- Duke Realty Rebuffs Prologis’ $24 Billion Bid as ‘Insufficient’ “US warehouse landlord Duke Realty Corp. responded to a $24 billion takeover offer by Prologis Inc., saying the all-stock proposal is ‘insufficient.’ Prologis went public Tuesday with its bid to acquire Duke in a deal it said valued the company at $61.68 a share, a 29% premium to the company’s closing price on May 9. Duke investors would receive 0.466 shares of Prologis for each Duke share they own.” (Bloomberg)
- Just 8% of Manhattan’s Office Workers Are Back Full Time, Survey Shows “Just 8 percent of Manhattan office workers are back in the office five days a week, and 28 percent are still fully remote, according to the group’s new survey of more than 160 major employers in New York. On the average weekday, 38 percent of Manhattan office workers are in the office, a figure that employers expect will rise to 49 percent by September. In the group’s January survey, many employers said they thought daily attendance would exceed 50 percent by April.” (The New York Times)
- The Tax Break Commercial Real Estate Investors Might Need After the Pandemic “The COVID-19 pandemic has had a dramatic impact on commercial real estate values, and in some cases resulted in property no longer being able to support the debt with which it is encumbered. Favorable rules could allow the cancellation of debt income to be deferred for federal income tax purposes.” (Forbes)
- California Legislative Leader Wants to Spend $10 Billion to Help Families Buy Homes “A top California lawmaker is proposing to spend $10 billion to help families buy homes in the state with some of America’s highest housing prices. Democratic State Senate Leader Toni Atkins on Wednesday unveiled details of a proposal she’s pushing to create a revolving fund that would provide interest-free loans for up to 30% of the purchase price of a home for low- and middle-income households. If implemented, it would be the largest program of its kind in the nation, according to the people who designed it.” (The Wall Street Journal)
- Shrugging Off Netflix’ Shrinking Demand, New York Area Film Studios Keep Expanding “Film-production facilities are proliferating across the New York region, paying little heed to Netflix Inc.’s surprise announcement last month that it lost subscribers for the first time in more than a decade. Lucrative tax credits and years of growing demand for streaming content have fueled the growth of this industry in New York. Investors remain largely optimistic that the Netflix news is more of a speed bump than a change of course for the business.” (The Wall Street Journal)
- Remote Workers Are Moving, Creating New Real Estate Opportunities “Remote workers no longer tethered to an office are settling in mid-sized cities across the nation, creating new opportunities and headaches for real estate.” (Propmodo)
- Commercial Build-Outs Are Taking Months Longer “Commercial build-out and tenant improvement projects are taking significantly longer due to supply chain and labor shortages. On average, these projects, which are typically six months on average, are now taking three months longer to complete, complicating landlord-tenant agreements on the construction project and commencement of the rent.” (GlobeSt.com)
- Cushman Pushes Back on Subpoena in Trump Property Probe “Cushman & Wakefield pushed back on an order from New York Attorney General Letitia James in the Trump Organization probe.” (The Real Deal)
- IKEA to Invest About $3.15 Billion in New, Existing Stores “Ingka Group, the largest Ikea retailer, is making a big investment in brick-and-mortar. The company said it will invest more than 3 billion euros (about $3.15 billion at press time) in new and existing stores by the end of next year to become more accessible for customers. The investments will cover all 32 of Ingka’s markets, including the United States, Canada and the United Kingdom. (Ingka operates 392 Ikea stores.)” (Chain Store Age)
- Airbnb Just Did its Biggest Redesign in Decades—Here’s What’s New “Airbnb announced a handful of updates to its platform on Wednesday, with CEO Brian Chesky billing it as ‘the biggest change to Airbnb in a decade.’ The features, announced during its virtual summer event, include a new way to search, the option to split stays between homes and additional guest protections. The updated app and new features roll out in the U.S. on Wednesday and globally this week, ahead of what’s anticipated to be a busy summer travel season.” (CNBC)
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