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12 Must Reads for the CRE Industry Today (July 28, 2022)

Hotel occupancy rates are up, but companies are struggling to staff up to meet demand, reports The Wall Street Journal. REITs are preparing for new climate reporting guidelines in the advance of the SEC finalizing new rules. These are among today’s must reads from around the commercial real estate industry.

  1. REITs Prepare for the SEC’s Proposed Climate Risk Reporting Rules “Lack of standardization has been a common frustration for both REITs and investors. In addition, voluntary sustainability and ESG reporting have become increasingly complex over the past decade with multiple disclosure and guidance frameworks such as CDP, GRESB, GRI, and the Task Force on Climate-related Financial Disclosures (TCFD).” (Nareit)
  2. Hotel Guests Are Back, but the Workers Aren’t “Hundreds of thousands of hotel workers have left the industry since the pandemic. There were about 1.7 million accommodation workers employed nationwide in June, a roughly 16% decline from June of 2019, according to estimates from the U.S. Bureau of Labor Statistics.” (The Wall Street Journal)
  3. CoStar Rides Apartment, Multifamily Wave For Strong Earnings “CoStar, the commercial real estate and data giant that has recently been making forays into residential and rentals, saw its stock pop after posting 12% year-over-year revenue growth in a Q2 earnings call yesterday, exceeding projections amid strong growth in multifamily spaces.” (RIS Media)
  4. More CRE Firms Are Putting a Price on Their Climate Exposure “Some lenders and real estate investors have already begun incorporating climate intelligence into their decision-making, while a crop of startups and consultancies are building real estate-specific platforms to provide actionable climate intelligence to guide them.” (Commercial Observer)
  5. Best Buy unveils small-format, ‘digital-first’ store “The 5,000-sq.-ft. store, located in Monroe, N.C.,  combines  a curated selection of Best Buy’s best-in-category products, consultation service areas including and the retailer’s signature Geek Square with technology enhancements.” (Chain Store Age)
  6. Blackstone Scores $2.7B CMBS Loan for PSB Purchase “Blackstone, one of the country’s largest investment managers, paid $7.6 billion earlier this month for the Glendale, Calif.-based REIT whose portfolio spans 93 properties, serving approximately 4,800 tenants in 27 million square feet of space as of June.” (Commercial Observer)
  7. As Philly's Urban Core Reckons With Remote Work, Its Residential Neighborhoods Thrive “But as the worrying state of the global economy looms as a potential threat to Philly's new darling industry, its residential and multifamily markets have remained strong and even outperformed high-powered neighbors New York and Washington, D.C., Philadelphia Inquirer columnist Inga Saffron reports.” (Bisnow)
  8. Santa Monica moving to tighten rent control rules “In a climate of soaring rents, rampant inflation and escalating recession fears, one of Southern California’s most expensive cities is moving closer to implementing new rent control measures.” (The Real Deal)
  9. Boise’s Housing Market Boomed Early in the Pandemic. Now It Is Cooling Fast. “The factors that made the Boise area so alluring, such as its relative affordability and its fewer pandemic restrictions, are less appealing now that prices have climbed and companies are calling workers back to their offices.” (The Wall Street Journal)
  10. Dollar General to build three new distribution centers “The North Little Rock and Salem distribution centers are expected to add to the company’s growing number of dual facilities, which combines the capabilities of ambient and DG Fresh supply chain networks, and the Aurora facility will provide traditional functionalities.” (Chain Store Age)
  11. Office Occupancy Crept Up Last Week To New Post-2020 High “Office occupancy in 10 major U.S. markets for the seven days ending July 20 came in at 44.7%, an uptick of 0.6 percentage points from the week before. That slight increase was enough to push the number to the highest it has been since before the pandemic.” (Bisnow)
  12. The Economy Has Changed; Has The Built-For-Rent Business Changed With It? “There are some legitimately worrisome new trends, so some of the issues and concerns that are being raised are quite appropriate, while others are based upon some misconceptions. This article is meant to address both.” (Forbes)
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