- U.S. Return-to-Office Rates Hit Pandemic High as More Employers Get Tougher “Midweek days were especially strong, with office use for Tuesday and Wednesday last week at about 55% of the prepandemic workforce, also a high during the pandemic for those days, Kastle said. The data through last Wednesday were the most recent weekly figures available.” (The Wall Street Journal)
- Are Earn-Outs the Answer to Bridge the Bid-Ask Spread in Commercial Real Estate? “An earn-out is a way for the buyer and seller to agree to a conservative price estimate, one that the buyer would be happy with, but include a profit-sharing clause for the seller if values increase. The structure reduces the downside for buyers but still gives sellers the ability to get their desired price as long as their assumptions are correct.” (Propmodo)
- Fisher Brothers scion Arnold Fisher dead at 89 “Arnold helped manage his family’s eponymous firm, Fisher Brothers, through New York City’s development boom in the 1980s, and led the construction of more than 15 million square feet of commercial and residential property, according to the company, including four office towers in Midtown.” (The Real Deal)
- Bed Bath & Beyond is closing about 150 stores. Here’s a map of ones on the list so far “The closures are part of a broader plan to try to stabilize the company’s finances and turn around its declining sales. In late August, Bed Bath secured more than $500 million in new financing, including a loan, ahead of the key holiday season. Its workforce is getting smaller, too, as it cut its corporate and supply chain staff by about 20%.” (CNBC)
- Back-to-work barometer falls short of measuring up to reality as offices fill up “Although Kastle is widely cited as the oracle of office occupancy, its data are less inclusive than most market-watchers are aware. Because of that, the number of employees back at their desks despite work-from-home and hybrid schedules is probably higher than Kastle’s data suggest.” (New York Post)
- Stephen Ross bets on West Palm office development — again “Ross’ bet on the area started more than two decades ago when Related completed the mixed-use complex Rosemary Square, rebranded as The Square last year, following a facelift.” (The Real Deal)
- The Only Fix for Housing Woes: Plan, and Build “If local officials want to do right by the majority of their residents who need affordable housing options and who don’t want to see their suburbs slowly fade away, they should be actively trying to encourage redevelopment of the tired commercial properties within their borders. Launch planning processes to help the community reimagine what its single-story retail, office parks, empty lots near train stations and other properties could become.” (Banker & Tradesman)
- New York Publishes Proposed Rules on Commercial Financing Disclosures “An additional requirement that if the finance company is operated out of New York, then the New York disclosure law applies to all their transactions, across the entire country, mostly without regard to where the borrower is located or managed from.” (The National Law Review)
- Mayor Adams Wants to Reassess New York’s Right to Shelter. Can He? “The city didn’t have a right to shelter until a series of court actions brought by the Legal Aid Society culminated in settlements and judgements between 1981 and 2008 that created a permanent right to shelter in New York City.” (The City)
- Inside the Queen’s sizable New York real estate portfolio “But across the pond, the Queen left behind a property portfolio more befitting of American royalty: dozens of luxury residences dotting some of Manhattan’s most affluent neighborhoods.” (The Real Deal)
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