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11 Must Reads for the CRE Industry Today (July 26, 2021)

Bisnow analyzes the situation with renters as the federal eviction moratorium expires just as COVID-19 infections are rising in most of the country. New reporting revealed that the architect of the collapsed Surfside condo in Miami was previously suspended for design failures. These are among today’s must reads from around the commercial real estate industry.

  1. Federal Eviction Moratorium Set To Expire As Delta Variant Rips Through U.S. “With 11 million Americans behind on rent, just over a handful of states with a statewide eviction moratorium and the distribution of federal rent relief funds clogged up at statehouses around the country, housing advocates are warning of an impending tsunami of evictions, but landlord groups say the federal moratorium's lifting will serve to speed up the relief allocation process.” (Bisnow)
  2. Architect who designed the collapsed Surfside condo in 1981 was previously suspended after other buildings he worked on suffered serious faults “More than ten years before the Miami Surfside condominium had been built, its architect was suspended for six months after a structured that he designed collapsed during a hurricane. William Friedman died in 2018 at the age of 88, but when he was a young architect in his 30s he had designed commercial sign pylons that were part of the rooftop of a building in downtown Miami.” (The Mail)
  3. Retailers Have Back-to-School in the Bag “Back-to-school spending is expected to reach an all-time high this year, according to a recent survey from the National Retail Federation and Prosper Insights & Analytics. Another survey by Deloitte showed that parents expect to spend 16% more on back-to-school shopping this year, a marked uptick from the 1-3% growth rate seen in recent years.” (The Wall Street Journal)
  4. Why empty offices aren't being turned into housing, despite lengthy vacancies “Such conversions aren't happening in the rest of the country, as well. Planning departments of major cities, including San Francisco; San Jose, California; Seattle; Phoenix; New York; Fort Worth, Texas; Dallas; and Houston, said there are very few, if any, new attempts to turn existing offices into housing. Over the last two years, even during the height of the pandemic, there have been just a handful of such conversion applications in those cities, building officials said.” (NBC News)
  5. Prologis Tenants Brush Off Rising Rents “On Prologis’ Q2 earnings call, Chairman and CEO Hamid R. Moghadam said high demand for industrial space meant the company could push pricing higher if they wanted to. The company saw a 4.1% rent growth in its US markets, which exceeded expectations.” (
  6. Manhattan Rents Are the Lowest in 10 Years: Is Now the Time for New Stores to Move in Amid Recovery? “With rents in New York down on average and more space available, now could be a great time for retailers who are keen to negotiate brick-and-motor store locations in Manhattan — except if a spot on Prince Street in SoHo is on the radar.” (Footwear News)
  7. Downtown Minneapolis' office market is waking up “Signs of life are returning to downtown offices even faster than expected, but big challenges remain as the market pulls out of the pandemic.” (Minneapolis/St. Paul Business Journal)
  8. Pandemic and Great Recession worlds apart for commercial real estate “The pandemic, by contrast, might prove no more than a hiccup for commercial real estate. Some of the area’s biggest projects paused for breath and are recalibrating. But many are moving forward, fueled by historically low interest rates, investors flush with cash and momentum from deals clinched before COVID-19 arrived.” (The Atlanta Journal-Constitution)
  9. Life sciences real estate proves pandemic-proof “While the last 18 months in the Asia-Pacific region have been difficult for commercial real estate investors, especially in the office, retail and hospitality segments, due to the Covid-19 pandemic, one sector that has not experienced any significant issues in the region is that of life sciences real estate.” (The Asset)
  10. Starwood Loses Monmouth Bid in ‘Highly Disappointing’ Loss to Sam Zell “After making an unsolicited offer for industrial giant Monmouth Real Estate Investment Corporation, Starwood Capital Group has come up empty-handed and full of feedback.” (Commercial Observer)
  11. U.S. Population Growth, an Economic Driver, Grinds to a Halt “One bad year doesn’t automatically spell trouble for future U.S. demographic health. What concerns demographers is that in the past, when a weak economy drove down births, it was often a temporary phenomenon that reversed once the economy bounced back.” (The Wall Street Journal)
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