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12 Must Reads for the CRE Industry Today (Feb. 24, 2022)

The stock market’s slide has taken its toll on some proptech company share prices, reports The Wall Street Journal. Increased reliance on rapid delivery services may have unintended consequences for cities, according to Wired. These are among today’s must reads from around the commercial real estate industry.

  1. Florance Defends CoStar's Culture As Shares Plummet Behind Push Into Residential “Wednesday morning, following the firm's earnings call and the Insider report, CoStar's share price opened at $49.42, down more than 20% from its Tuesday afternoon close of $62.94. As of Wednesday's opening bell, its stock had dropped 37% from the start of the year and more than 50% from its 12-month high of $99.29 on Oct. 18.” (Bisnow)
  2. Real-Estate Venture Boom Is Tested by Stock Market’s Slide “Low interest rates and rising stock prices made startup investments more appealing, while landlords looking to fill malls and office towers have been more willing to pay for new technologies such as touchless doors, lunch-delivery apps and clean-air filters.” (The Wall Street Journal)
  3. Online Shopping Is Reshaping Real-World Cities “That shift from far-flung warehouses to accessible retail storefronts has city planners on edge. Because dark stores sit at the confusing intersection of being technically occupied, but functionally empty, they risk entrenching the worst impacts that vacant real estate can have on a community.” (Wired)
  4. CalPERS, with $51B in real estate holdings, taps new CIO “The new CIO must target actuarial returns of 6.8 percent per year, while leading an investment team of nearly 350 professionals. The pension invests in real estate funds and assets, public equities and bonds and hundreds of private-equity and venture-capital funds and hedge funds.” (The Real Deal)
  5. The Five-Day Workweek Is Dying “What once seemed like a hot take is becoming a stone-cold reality: For tens of millions of knowledge-economy workers, the office is never coming all the way back. The implications—for work, cities, and the geography of labor—will be fascinating.” (The Atlantic)
  6. Sea-level rise to prompt displacement of Miami’s low-income, minority communities, study finds “Climate gentrification is still an under-studied issue, with the general consensus that it will impact low-income communities near the coast. But the issue is expected to play out differently in Miami-Dade.” (The Real Deal)
  7. Surging Omicron cases on board container ships threaten to hamper recovery of the supply chain “The global supply chain was last year thrown into disarray after a surge in demand for goods during the pandemic, combined with virus-induced staff shortages at ports and in the trucking sector, resulted in long queues of vessels waiting to enter harbors around the world.” (Insider)
  8. Subway Will Test Platform Doors at 3 Stations “As recently as last month, Janno Lieber, the M.T.A.’s chief executive, said that the barriers — known as platform edge doors or platform screen doors — were unfeasible given the “special complexities” in New York’s subway, a sprawling, 104-year-old system with 472 stations and 665 miles of track.” (The New York Times)
  9. Kmart is down to its last 4 stores in the US “Now with two Kmarts slated to close, that will leave just four stores open in the United States, Kmart death watchers say. One is here in Avenel, and a second in northern New Jersey, in Westwood. The others are on Long Island, N.Y., and in Miami.” (Oregon Live)
  10. The number of U.S. cities with an average home price of $1 million tripled last year “While Idaho, Montana and Tennessee gained million-dollar cities for the first time, California, Massachusetts and New York added the most new cities with average home values above $1 million. Most million-dollar cities are located in large coastal regions, like Los Angeles and San Francisco, with 44% of them in California.” (CNBC)
  11. A tenant pledges to buy his failing mall Upstate New York “When Noal White moved his CNY Mac Store into the Great Northern Mall outside of Syracuse, he says there were 50 stores in it. Now there’s only 17, the physical plant is deteriorating, and he wants to buy it.” (Chain Store Age)
  12. Americans are about to be surprised by even higher prices “This data comes as more and more signs point to inflation lasting well into 2022. The supply chain is recovering at a sluggish pace. Americans' spending soared to record highs in January, signaling there's still too much demand chasing too little inventory.” (Insider)
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