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Eight Must Reads for the CRE Industry Today (Feb. 16, 2022)

Cities in the U.S. South and Southwest are getting the most attention from multifamily investors, reports The Wall Street Journal. The San Francisco Chronicle looks at how Amazon might be taking advantage of San Francisco’s zoning policies. These are among today’s must reads from around the commercial real estate industry.

  1. Real Estate Investors Head South, Bid Up Sunbelt Apartment Buildings “Real-estate investors across the U.S. are betting heavily on apartment buildings in the South and Southwest, chasing population growth and soaring rents they expect will keep outpacing inflation this year. Landlords say they are following the migration patterns of workers and their employers, who relocated to Florida, Texas and other southern states during the pandemic. These states’ warm weather, business-friendly governments and laws, lower taxes and fewer regulations have been attracting companies and workers from California, the Northeast and other corners of the country.” (The Wall Street Journal)
  2. Marriott Doubles Revenue Despite Omicron Setback “Marriott International Inc. said demand for business and leisure travel continued to grow in the holiday quarter despite a setback from the spread of the Omicron variant. Marriott, whose portfolio encompasses nearly 8,000 properties world-wide, said Tuesday that its quarterly revenue more than doubled to $4.45 billion from a year earlier, when Covid-19 cases were surging and health officials warned against travel.” (The Wall Street Journal)
  3. Office Lobbies Get Security Makeover, But Not One You Will See “After Sept. 11, the lobbies in many U.S. office buildings permanently changed as landlords beefed up security, adding cameras, turnstiles, programmable elevators and other technological tools. All who entered were required to have identification, and guards recorded who came and went. Now, as pandemic restrictions ease and workers begin to trickle back into the office, the lobby is changing again, this time with an emphasis on health and safety.” (The New York Times)
  4. Soaring Lumber Price Adds $19,000 to the Cost of a New Home “The price of lumber has been on a roller coaster since the start of the pandemic, and it’s climbing a big hill yet again. After falling back sharply from a record high in May of last year, lumber prices began climbing again in December. They are now about 22% lower than that peak, but still about three times their average pre-pandemic price, according to Random Lengths.” (CNBC)
  5. Here’s Why Self-Storage Will Continue to Prosper in 2022 “Driven by major life-altering events, the self storage sector has experienced record growth over the past two years. Beyond the traditional demand drivers, the pandemic added new factors to the mix. Shifts in remote work and relocations, and the need for businesses to store goods and supplies locally have been major demand drivers across the sector.” (Multi-Housing News)
  6. Coming Off a Solid 2021, Retail Landlords Aren’t Done Shopping Solutions for a Post-Pandemic Reality “Simon Properties and Kimco are among the landlords rethinking strategies for the post-pandemic retail world.” (Bisnow)
  7. Amazon Is Exploiting San Francisco Zoning Policy to Plot a Huge Expansion in the City. Some Locals Aren’t Happy… “Amazon has been gobbling up space throughout the southeast corner of San Francisco…” (San Francisco Chronicle)
  8. Planet Hollywood Plots NYC Comeback with Times Square Lease “The restaurant chain hopes the third time will be the charm in Manhattan, inking a 15-year lease on 17,500 square feet at 140 West 42nd Street.” (The Real Deal)
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