- CRE Execs Optimistic About Present But Have Qualms About Future “The Real Estate Roundtable’s Q3 Current Conditions Index has reached the highest level in its 13-year history with a rise of 7 points from the previous quarter to 85. But uncertainty about the recovery from the pandemic led the Future Condition Index to decline by 4 points to 71.” (GlobeSt.com)
- Trillion-Dollar Infrastructure Bill Promises ‘Significant’ Changes For U.S. Data Centers “The infrastructure bill aims to dramatically increase the number of Americans with access to broadband internet, and that would mean a flood of demand for data center operators. Much of the language framing the more than $65B allocated to digital infrastructure addresses what is known as the digital divide. Roughly 10% of the U.S. population — mostly in rural and low-income areas — does not have access to high-speed broadband.” (Bisnow)
- Hyatt Plans to Buy Apple Leisure Group From KKR and KSL Capital for $2.7 Billion “The transaction is the latest sign of optimism about a return to vacation travel even as the U.S. economy continues to grapple with the coronavirus pandemic. Like many travel-related companies, Apple Leisure’s business got clobbered by virus-related lockdowns and travel bans last year, but it has rebounded as restrictions have loosened.” (The Wall Street Journal)
- Hudson’s Bay New Move Is Another Painful Split “The Hudson’s Bay split will play along the same lines as what the company did with Saks: separate corporate entities but at least theoretically continued coordination of the two sides of the business when it comes to merchandising and customer service.” (Forbes)
- Stephen Ross becomes king of West Palm offices “Ross, who owns the Miami Dolphins, did not know it at the time, but two decades later his newest conquest would be downtown West Palm Beach, where Related has become the biggest Class A office owner after spending more than $457 million in the past seven months.” (The Real Deal)
- Investors Weighing Climate Risk As Crisis Deepens “Around 78% of investors surveyed in JLL’s Decarbonizing the Built Environment research identified climate risk as a financial risk, and the firm says real estate investors and developers are increasingly considering climate risk factors when deciding where to buy or build, citing Urban Land Institute data.” (GlobeSt.com)
- Lack of climate risk data could impact real estate values – report “Titled, Climate Risk and Commercial Property Values: A review and analysis of the literature, the research also found that, although commercial real estate investors may be increasingly aware of physical climate risk when acquiring, developing and upgrading assets, there is only modest evidence as to how commercial real estate markets have, in the past, responded to extreme events.” (IP&E Real Assets)
- Behind data center giant Equinix's $3.7 billion investment in green bonds “Equinix, a leading data center real estate investment trust, announced that it is committed to becoming climate-neutral by 2030, the first company in the industry to do so. The Redwood City, California-based company operates 230 data centers in 26 countries on five continents. That’s a lot of computing power, which requires a lot of energy. But Equinix is making moves to be on the leading edge of sustainability in the industry — in part with financing from green bonds.” (GreenBiz)
- What WSJ Readers Have—and Haven’t—Missed About Working in the Office “With some businesses asking employees to return to the office, The Wall Street Journal invited readers to share what they missed the most—and the least—about the workplace while they were working from home. Here’s a selection of their comments.” (The Wall Street Journal)
- Overheated Real Estate Market Begins to Cool “Economists say the Delta variant’s impact on housing will likely be to accelerate the hybrid and work-from-home trend that is driving buyers with the means to do so to upgrade to larger houses — a trend that often takes people further from the urban core or to less expensive cities.” (The New York Times)
- High hopes for timber: Wood towers gain favor in US “Mass timber is touted as more sustainable than steel and concrete, and as a climate solution in a sector that accounts for an estimated 40 percent of greenhouse gas emissions globally. It also can speed up construction timelines because many of its components are prefabricated.” (The Real Deal)
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