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11 Must Reads for the CRE Industry Today (Oct. 1, 2021)

Whole Foods CEO John Mackey announced he will step down from his post in September 2022. Los Angeles is looking to impose one of the nation’s most far-reaching mandates for patronizing indoor businesses, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.

  1. Whole Foods founder John Mackey will step down as CEO “Whole Foods Market co-founder John Mackey announced that he will soon step down as the company's CEO. He will stay on until September 2022, at which point Chief Operating Officer Jason Buechel will take on the role of chief executive.” (Insider)
  2. Looming Deadline Kicking Off a Flurry of Opportunity Zone Investment “A Dec. 31 deadline for maximizing the program's tax benefits is motivating investors to place money into opportunity zone funds.” (Bisnow)
  3. CREW Network Launches CRE Pledge for Action to Advance Women and DEI in Commercial Real Estate “CREW Network has launched the CRE Pledge for Action, an industry-first, CEO-driven initiative that is designed to advance women, and elevate actions that encourage greater diversity, equity and inclusion (DEI) in the commercial real estate industry. Seventeen CEOs from leading commercial real estate (CRE) industry companies have already made a commitment.” (CREW Network)
  4. Here's Why the Real Estate Industry Should Pay Attention to a New Report About Broker Innovation “This year’s edition of the DNA of #CRE report has plenty of insights, highlights, and data points for brokers to pore over. But I’m here to suggest that non-brokers give it a read, too. Today, I want to make the case that everyone interested in the future of commercial real estate should pay attention to how brokers innovate. Brokers are uniquely positioned to make for good weathervanes of real estate innovation. The best brokers in each market keep excellent tabs on what everyone in their universe, whether that is multifamily sellers or office occupiers, tend to be trying and looking for.” (Propmodo)
  5. Fears Over Older Buildings After Surfside Condo Collapse Lead to Redevelopment Opportunities “’We’re seeing a lot more movement towards a lot more new construction, and I think that falls in line with cutting off the pandemic. There is a need for nicer, newer places to live,’ said Dan Dratch, Director of Multifamily Investments at Franklin Street.” (Daily Business News)
  6. Non-Bank Lenders on Pace for Big Year “Pressure on nonbank lenders reached a fever pitch during the pandemic as large real-estate securities portfolios made the companies look vulnerable amid the industry’s virtual pause. Now, nonbank lenders are on pace for one of their biggest years for loan volume, analysts and executives told the Wall Street Journal. The sector proved resilient thanks to the Federal Reserve, which kept up lending and prevented banks from cracking down on mortgage finance companies.” (The Real Deal)
  7. Los Angeles Looks Set to Impose Stronger Requirements on Proof of Vaccination “The city of Los Angeles appears close to enacting one of the strictest rules in the United States requiring proof of full vaccination against Covid to enter many indoor public spaces. The ordinance would require people to provide proof to enter sites, including restaurants, gyms, museums, movie theaters and salons. The L.A. City Council debated it on Wednesday night in anticipation of its being approved next week. The ordinance would take effect on Nov. 4.” (The New York Times)
  8. Some NYC Workers Battling ‘Long COVID’ Find Chances for Accommodation Remote “De Blasio’s return-to-work order has been met with protests, resignations and complaints that masking and social distancing aren’t enforced, putting even vaccinated workers at risk of break-through cases of COVID-19. And some employees are running up against the no-telework policy as they try to secure what they consider reasonable accommodations while they deal with the debilitating toll of Long COVID. De Blasio’s office did not respond to requests for comment.” (The City)
  9. Macy’s Sues to Keep Amazon from Taking Over the Billboard at its Herald Square Flagship “In the heart of Manhattan, a battle is brewing between the old-school department store Macy’s and the e-commerce giant Amazon. At issue is the high-visibility billboard next to Macy’s flagship store in Herald Square. For 60 years Macy’s has advertised itself on the 2,200-square-foot perch that wraps around the corner of the building, with its star logo prominent against a red background during the annual Thanksgiving Day parade that Macy’s organizes.” (The New York Times)
  10. Inside Walmart’s Health Clinics “Walmart Health promised medical care at low, transparent prices. But current and former employees say it's struggling to deliver.” (Insider)
  11. From Amazon to Walmart, Here’s How College Tuition Became the Hot Corporate Benefit “Walmart’s education benefits program expansion comes at a time when retailers are struggling to convince workers to work in person and face the threat of the highly contagious Delta variant. To address hiring and retention concerns, many companies are beefing up their benefits.” (CNBC)
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