- Apple isn’t backing down from its hybrid work model, according to internal note “’We believe that in-person collaboration is essential to our culture and our future,’ said Deirdre O’Brien, senior vice president of retail and people, in a video recording viewed by The Verge. ‘If we take a moment to reflect on our unbelievable product launches this past year, the products and the launch execution were built upon the base of years of work that we did when we were all together in-person.’” (The Verge)
- 'We're at a tipping point.' U.S. office sublease market hits record-high 158M square feet “Office sublease space in the U.S. reached a new record high in the second quarter — but the rate at which new sublease space is being listed continues to slow.” (The Business Journals)
- Capital One Moves to Permanent Hybrid Work Model for Employees “Capital One Financial Corp. will allow its global workforce, some 52,000 employees, to operate in a hybrid work environment, designating two days a week as virtual workdays, according to a letter that CEO Richard Fairbank sent to workers this week.” (Commercial Observer)
- Behind Dollar General’s Strategy to Dominate Rural America “Dollar General has reported 31 consecutive years of growth and is opening new U.S. stores every day. In this video, WSJ takes an inside look at how the discount retailer keeps expanding while maintaining prices significantly lower than many grocery and drug stores.” (The Wall Street Journal)
- Cushman & Wakefield Weighs Vacating 1290 Avenue of the Americas HQ “The brokerage has started weighing whether it will remain at its more than 155,000-square-foot New York City headquarters, which houses more than 600 people, in Vornado Realty Trust and the Trump Organization’s Midtown building, Toby Dodd, C&W’s tri-state president, said.” (Commercial Observer)
- Uber is the latest tech company to rethink its return-to-office plans “The ride-hailing company will give its global office workers the option to apply for fully remote work or choose from a list of other offices instead of their pre-pandemic location, the company's chief people officer, Nikki Krishnamurthy, said in a blog post Tuesday. For those who choose to come back to the office, Uber (UBER) is asking that they spend at least 50% of their time there, but it is offering more flexibility on how this time can be structured.” (CNN)
- Commercial Debt Backed by Lone Borrowers and Properties Rebounds “Banks have sold billions of dollars of debt in recent sessions backed by solitary properties, or pools of properties with the same ownership. JPMorgan Chase & Co. JPM 0.91% put together a $4.65 billion bond backed by a portfolio of Extended Stay America Inc. hotels. Credit Suisse bundled $335 million of debt tied to one operator’s near-dozen office properties.” (The Wall Street Journal)
- Fannie Mae's guaranty book of business climbs to $3.85T in May “The conventional single-family serious delinquency rate declined by 14 basis points to 2.24% in May, while the multifamily serious delinquency rate edged down 2 bps to 0.53%.” (Seeking Alpha)
- Safehold CEO Jay Sugarman Talks Revolutionizing Real Estate Ownership On 'Power Hour' “Safehold modernized the ground lease industry and made it user-friendly, he said, adding that he believes the company created a ground lease industry that can become a $1 trillion business. Corporations have been separating their operating businesses from the underlying real estate in order to focus capital on their operating businesses for years, Sugarman told Benzinga.” (Benzinga)
- Tenant Protections Alone Cannot Solve The Affordable Housing Crisis: More Housing Options Are Needed “The fact is that we don’t have anywhere close to the number of housing options required to support the working population, and even if we did, they’re still too expensive to access by the people who actually need them. Some tenant advocates argue that extended-stay motels should be subject to landlord-tenant laws for long-term residents.” (Forbes Real Estate Council)
- Q&A: With $1B to invest, New York firm doesn't want Sheraton buy to be 'one and done' in Music City “This New Yorker just dropped a hefty sum on Nashville's downtown Sheraton hotel. Here, he shares more on what attracted him to Music City, as well as an update on his $1 billion hospitality investment goals.” (Nashville Business Journal)
- Without More Tourists, City Hotels Can’t Bring Back All Their Furloughed Staffers “So while hotels are reopening, they still don’t have enough guests to justify bringing back all their staffers. The Hotel Association of New York City said occupancy was about 66% in late June, down from almost 90% pre-pandemic. At the Plaza, managing director George Cozonis said occupancy is about 30-50%, compared to 70% in June of 2019.” (Gothamist)
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