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11 Must Reads for the CRE Industry Today (Jan. 13, 2022)

Surging COVID-19 cases are taking a toll at nursing homes, reports The Wall Street Journal. Workers at nearly 80 King Soopers supermarkets have gone out on strike. These are among today’s must reads from around the commercial real estate industry.

  1. Covid-19 Cases Surge at Nursing Homes “In the week ending Jan. 9, there were 32,061 new confirmed Covid-19 cases among nursing-home residents, up from 18,186 a week earlier and 6,406 the week before that, according to new Centers for Disease Control and Prevention data.” (The Wall Street Journal)
  2. Workers at nearly 80 Kroger's King Soopers go on strike as talks stall “The UFCW Local 7 union said the strike started at 7:00 a.m. ET and would go on for three weeks. The workers on strike are employed at King Soopers stores in the Denver metropolitan area, Boulder, Parker and Broomfield cities of Colorado, among others.” (Reuters)
  3. ‘The economy cannot stay open’: Omicron’s effects ricochet across US “Schools going virtual, airlines canceling flights, pharmacies and testing centers closing temporarily, shelves emptying in grocery stores because of transportation delays, blood donations dropping to crisis levels for the first time ever and the country’s hospitals are becoming stretched. This is the US in the grip of the Omicron variant.” (The Guardian)
  4. Why Some Workers Are Getting All the Covid Tests They Need “The testing available to a small number of white-collar professionals underscores the difference between their pandemic experience and that of other Americans, putting them at an advantage over many, including workers at small businesses without the means to procure testing kits for their staffs. Like personal protective equipment and vaccines, tests have become the latest example of how a tool to battle the pandemic can exacerbate social and economic divides.” (The New York Times)
  5. Inflation played a role in online sales hitting record $204 billion over the holidays “Online prices increased 3.1% in December compared with the prior year and rose 0.8% month over month. That marked the 20th consecutive month of online inflation on a year-over-year basis, and followed a record year-over-year spike in prices of 3.5% in November, Adobe said.” (CNBC)
  6. Deloitte To Offer $500 Work-From-Home Tech Subsidy As Remote Work Solidifies “There has been a benefits boom in the last year, with firms in many industries adding popular initiatives such as identity theft protection, pet insurance, mental health support and group legal benefits to more traditional offerings. It is a reflection of the evolving nature of stay-at-home work and the awareness of the mental toll of the pandemic, as well as a way to attract employees in a difficult labor market.” (Bisnow)
  7. Here's why grocery stores are struggling to stock their empty shelves “Disgruntled shoppers have unleashed their frustration on social media over the last several days, posting photos on Twitter of bare shelves at Trader Joe's locations, Giant Foods and Publix stores, among many others. After contending with two years of a pandemic and supply chain-related problems, grocery stores still aren't getting the break they had hoped for.” (CNN Business)
  8. Guests Are Back. Hotels Are Not. “Some hotels are getting creative, such as attempting to extend the life of towels by placing single-use packs of facial wipes in rooms for makeup removal. Other managers have sent staffers to nearby big-box retailers such as Target or Bed Bath & Beyond for last-minute purchases of sheets and feather pillows.” (The Wall Street Journal)
  9. Why an LLC may not be beneficial for a small-time real estate investor “An LLC protects the owners from forfeiting any personal wealth in the circumstance that they are sued by tenants for any situation for which the owners may be at fault. The LLC caps the amount for which an owner may be held liable to the market value of the property itself and nothing beyond that. It is legal protection.” (The Washington Post)
  10. Housing costs swell, hampering home buyers and pushing up rents. “Rising rents also affect household budgets acutely and persistently, which contribute to feelings of economic unease that could spell trouble for Democrats heading into a midterm election year that will be pivotal for the fate of President Biden’s agenda.” (The New York Times)
  11. Robinhood Goes Full Remote “The Menlo Park, Calif., company, which went public in August last year, added that some teams will need to live within a commutable distance to an office location due to regulatory and business reasons, and a small segment will still need to come into the office.” (TheStreet)
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