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Eight Must Reads for the CRE Industry Today (Dec. 14, 2020)

Bisnow talked to 43 commercial real estate executives asking how 2020 has changed how they will run their businesses in the future. Dr. Peter Linneman and Matt Larriva claim to have developed a methodology to forecast cap rates for up to a year in advance, reports Commercial Property Executive. These are among today’s must reads from around the commercial real estate industry.

  1. ‘This Too Shall Pass’: 43 Real Estate Execs On The Biggest Lessons Of 2020 “Bisnow reached out to commercial real estate executives across the world — from Calabasas, California, to Birmingham, England, and wherever else the business class is working from home — to ask a simple question: How has 2020 changed the way you're going to run your business moving forward?” (Bisnow)
  2. New Study Aims to Crack Cap Rate Code “Dr. Peter Linneman of Linneman Associates and Matt Larriva, vice president of research and data analytics at Chevy Chase, Md., property firm FCP, believe they have devised a methodology that accurately forecasts acquisition yields up to a year into the future. The model is based on the unemployment rate and the flow of commercial mortgage debt, metrics that are a proxy for U.S. economic performance and capital flows into commercial real estate.” (Commercial Property Executive)
  3. States Try to Rescue Small Businesses as U.S. Aid Is Snarled “As the pandemic has flared anew, however, it has become clear that the economic crisis will last well into next year, by which point the federal money will be gone and state budgets will be unable to pick up the slack. So states are racing to use what’s left of the CARES Act money to shore up their economies and build a buffer for the winter.” (The New York Times)
  4. Manhattan Now Has the Most Available Office Space Since 2003 “With so many employees working remotely, companies are starting to rethink their office space needs as we head into 2021. And with big names in the finance world like Goldman Sachs making plans to relocate from Manhattan to Florida, there's a real fear among real estate investors that things could get a lot worse before they get better.” (Million Acres)
  5. Vaccinated? Show Us Your App “In the coming weeks, major airlines including United, JetBlue and Lufthansa plan to introduce a health passport app, called CommonPass, that aims to verify passengers’ virus test results — and soon, vaccinations. The app will then issue confirmation codes enabling passengers to board certain international flights. It is just the start of a push for digital Covid-19 credentials that could soon be embraced by employers, schools, summer camps and entertainment venues.” (The New York Times)
  6. Blackstone to pay $1B for Japan residential and commercial portfolio “It’s the New York-based private equity firm’s fourth major real estate acquisition in Japan this year and brings its total acquisitions in the country to $5.2 billion.” (The Real Deal)
  7. Hedge Funds Eye Distressed Malls and Hotels “Commercial real estate and mortgage-backed securities have become a credit pickers’ market, bringing a wide dispersion in performance and losses among deals. Asset selection and credit work in the coming year will be key, market participants say.” (Bloomberg)
  8. ExchangeRight Fully Subscribes Nearly $100M Net-Leased DST Portfolio “The DST portfolio is diversified over 21 single-tenant net-leased properties located in nine different states, including Georgia, Texas, and Virginia.” (Connect Real Estate)
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