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Bass Pro Shops At The Pyramid Raymond Boyd/Getty Images

11 Must Reads for the CRE Industry Today (Dec. 1, 2022)

The Wall Street Journal looks at the history of pyramid in Memphis, Tenn., that now houses a massive Bass Pro Shop. The U.S. has seen $71.9 billion in industrial property sales so far in 2022, according to CommercialEdge. These are among today’s must reads from around the commercial real estate industry.

  1. Airbnb Aims to Attract Big Landlords With a Cut of Its Rental Sales “The site will act as a listing platform for rental apartments, similar to Zillow or, but it will only include units where short-term sublets are allowed. Tenants who sign a lease can sublease their units for a fixed number of days a year, depending on the building owner, but not more than 180 days.” (The Wall Street Journal)
  2. US Has Closed $72B in Warehouse Sales So Far in 2022 “Approximately $71.9 billion of transactions closed in the U.S. at an average of about $128 per square foot, according to CommercialEdge — in other words, 561.7 million square feet of space. Sales are still near record levels, but they started to cool as capital has grown more expensive after the Federal Reserve hiked the Fed funds rate.” (Commercial Observer)
  3. DoorDash cuts 1,250 jobs to control ballooning costs “DoorDash Inc said on Wednesday it was cutting about 1,250 jobs, or 6% of its total workforce, as the food-delivery company looks to keep a lid on costs to cope with a slowdown in demand. DoorDash, went on a hiring spree to cater to a flood of orders from people stuck at home during the height of the pandemic, but a sudden drop in demand from inflation-wary customers has left the company grappling with ballooning costs.” (Reuters)
  4. Destined for the Dump, Construction Waste Gets New Life in the Garden “Across the country, 600 million tons of waste is generated in the construction and demolition of buildings and infrastructure, according to a 2018 estimate from the Environmental Protection Agency. New York State alone produced more than 15 million tons of the stuff in 2019, according to the state’s Department of Environmental Conservation.” (The New York Times)
  5. Young Commercial Real Estate Brokers Feel the Burn of Layoffs, Pandemic “While successful brokers can make it big, early career professionals run the risk of earning nothing, or almost nothing, because the field is commission-based rather than salaried. Occasionally older brokers will sponsor younger staffers through something called a ‘draw’ — a debt that a younger broker pays back when they begin to make money — and companies like JLL and Savills offer funds to workers who are just getting started. But in a tough market, real estate can be more risk than reward.” (Commercial Observer)
  6. The Hotel Inside the Bass Pro Shops Inside the Pyramid “The 535,000-square-foot store, a mashup of a mall, Disneyland, aquarium, zoo, shooting range, bowling alley, celebrity restaurant, souvenir shop and observation deck, is the largest in the chain. And the only one housed in a pyramid that was a sports and concert arena in a previous life. The NBA’s Memphis Grizzlies played there briefly in the early 2000s and boxer Mike Tyson lost a fight there.” (The Wall Street Journal)
  7. Indus Realty Trust Receives Acquisition Proposal “Indus Realty Trust Inc. has received an unsolicited, non-binding proposal from Centerbridge Partners L.P., which currently owns about 14.8 percent of Indus common stock, and GIC Real Estate, the CRE arm of Singapore’s sovereign wealth fund, to acquire 100 percent of the outstanding shares of Indus common stock for cash consideration of $65.00 per share, the industrial/logistics REIT announced on Monday, Nov. 28.” (Commercial Property Executive)
  8. Why real estate shoppers are bagging grocery-anchored plazas “Pebb and Banyan join a diverse roster of owners that have been offloading grocery store-anchored shopping centers at premium prices. Out-of-state institutional investors and family offices are vying against local buyers like Boca Raton’s James Batmasian and Sunny Isles Beach’s Raanan Katz for retail properties that fulfill people’s daily needs and services.” (The Real Deal)
  9. Remote work might push wealthy Californians out of cities. Is that a good thing? “According to new data from the U.S. Census Bureau, working from home for some portion of the week has become the new normal for a large segment of Californians. The data shows high-income employees with college degrees are more likely to have access to this hybrid work model, while lower-income employees stay the course with on-site responsibilities and daily commutes.” (San Francisco Chronicle)
  10. Anticipated Recession Drives 2023 US CMBS Delinquency Forecast Higher “Fitch Ratings projects its U.S. CMBS loan delinquency rate will increase significantly to between 4.0% and 4.5% by YE 2023 from 1.89% as of October 2022, as higher interest rates, persistent inflation and weak economic growth contribute to more maturity defaults. Fitch expects the U.S. economy to enter a mild recession in mid-2023.” (Fitch Ratings)
  11. The Elusive Dream of Owning a Home in New York City “Such a statistic reinforces worries about the city’s long-term health. As owning a home becomes even more expensive, more middle- and working-class families could be driven out, and racial wealth disparities could widen. I asked my colleague Mihir Zaveri, who covers housing in New York, to explain.” (The New York Times)
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