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12 Must Reads for the CRE Industry Today (Oct. 9, 2020)

The National Multifamily Housing Council’s Rent Payment Tracker found 79.4 percent of apartment households made a full or partial rent payment for the month by October 6. Dollar General to open stores aimed at more high-income shoppers, reports the Wall Street Journal. These are today’s must reads from around the commercial real estate industry.

  1. NMHC Rent Payment Tracker “The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 79.4 percent of apartment households made a full or partial rent payment by October 6 in its survey of 11.4 million units of professionally managed apartment units across the country.” (National Multifamily Housing Council)
  2. JPMorgan Unveils $30 Billion Push to Bridge Racial Wealth Gap “JPMorgan Chase & Co. said it would extend billions of dollars in additional loans to Black and Latino home buyers and small-business owners as part of a push to narrow America’s racial wealth gap.” (Wall Street Journal)
  3. Dollar General to Open Stores Aimed at Wealthier Shoppers “Dollar General Corp., the rapidly growing discount chain with over 16,300 stores dotting the rural American landscape, wants to attract more high-income shoppers looking to splurge.” (Wall Street Journal)
  4. Kroger Opening Ghost Kitchens to Fuel ClusterTruck “Kroger Co. will open two “ghost kitchens” at its stores to prepare meals for customers who order through its ClusterTruck partner.” (Cincinnati Business Courier)
  5. Cushman & Wakefield Could Be Courting Buyers, And Rumors Are Swirling Around JLL “The commercial real estate industry could be in for a major shake-up, with one of the largest brokerage firms reportedly engaging in acquisition talks.” (Bisnow)
  6. AMC to Open More Cinema Theaters in the United States “AMC Entertainment Holdings Inc AMC.N, the largest theater chain in the United States, said on Thursday it expects to open more locations in Washington state and have more than 520 theaters open in the country by mid-October.” (Reuters)
  7. Dick's Sporting Goods to Hire 9,000 Holiday Season Workers, Eyes Surge in Online Orders “Dick’s Sporting Goods said on Thursday it will hire up to 9,000 workers to cover the holiday season in its stores, 1,000 more than last year, expecting a jump in online orders amid the coronavirus pandemic.” (Reuters)
  8. Manhattan Investment Sales Hit Lowest in Decade “Manhattan investment sales continued to suffer the consequences of COVID-19 in the third quarter with 21 transactions, the lowest number of sales since the third quarter of 2009, and a 64 percent decline from the third quarter of 2019, according to Avison Young’s 3Q20 Property Sales Report.” (Real Estate Weekly)
  9. Manhattan Sublease Space Keeps Increasing as Asking Rents Start to Fall “The amount of office space available for sublease in Manhattan continues to increase and has started to cause asking rents to decline.” (Commercial Observer)
  10. Delayed Stimulus Talks Could Hurt These American Renters “President Trump’s recent waffling on potential stimulus efforts could have sweeping effects for American renters.” (Forbes)
  11. Trilith Development Launches 935-Acre Studio-Centric Concept “The company has merged its Trilith Studios with the Pinewood Forest urbanist town development to create a new live-work setting catering to Atlanta’s film and creative industries.” (Commercial Property Executive)
  12. CMBS Special Servicing Rates Surge: Trepp “The U.S. CMBS special servicing rate climbed to 10.48 percent, its highest point since May 2013, according to Trepp.” (Commercial Property Executive)
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