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Eight Must Reads for the CRE Industry Today (Feb. 18, 2022)

Hotel and travel booking companies say they are already seeing signs American are ready to travel, reports The Wall Street Journal. Tishman Speyer is putting its Meta office campus up for sale, according to Bisnow. These are among today’s must reads from around the commercial real estate industry.

  1. Americans Want to Travel and Are Eager to Splurge, Companies Say “More Americans are satisfying their wanderlust and spending big to do it, companies say. With daily new Covid-19 cases falling, restrictions easing and the strongest consumer finances in recent history, Americans are finally emerging from the pandemic eager to splurge on everything from travel and sports events to restaurants, cruises and theme parks, executives say. Companies including Marriott International Inc., Expedia Group Inc., Coca-Cola Co. and MGM Resorts International told analysts recently that business is already improving from an Omicron dip and indications point to an American public eager to live large.” (The Wall Street Journal)
  2. Cost of Climate Change: Natural Disasters Cause $57B in Damage “Natural disasters caused $56.9 billion in property damage last year, according to a climate change catastrophe report by CoreLogic.” (Real Deal New York)
  3. Los Angeles to Buy 16 Building for Homeless Housing “The City of Los Angeles and its housing authority will spend more than $500 million to buy 16 hotels and apartment complexes for homeless residents.” (The Real Deal)
  4. Tishman Speyer Shops Buyers for Newly Leased Meta Campus, with Bids Expected to Hit $1B “A deal with a $1B price tag would mark a nearly 174% premium.” (Bisnow)
  5. High Vacancy Means It’s a Tenant’s Market, So Why Are Rents Staying the Same? “Some tenants seeking new spaces are expecting to find great deals, but brokers have some bad news.” (Bisnow)
  6. House Panel Asks Federal Agency to End Trump’s Lease of DC Hotel as Questions Rise Over His Financial Statements “A House committee urged a federal agency Thursday to consider terminating the lease on a Washington, D.C., hotel held by former President Donald Trump and his business. The House Committee on Oversight and Reform cited accounting firm Mazars’ recent announcement that it is dropping the Trump Organization as a client and stating that a decade of the company’s financial statements cannot be relied on as accurate.” (CNBC)
  7. Amazon and Union Organizers in New York Agree on March Date for Election “ Inc. workers at a facility in Staten Island, N.Y., have reached an agreement with the company to hold a union vote in March, according to union organizers and the company. Organizers, which call themselves the Amazon Labor Union, reached an agreement with the company Wednesday to hold an in-person union election at the warehouse starting on March 25 and ending on March 30.” (The Wall Street Journal)
  8. Albertsons Offers 30-Minute Grocery Delivery in New Partnership “Albertsons Cos. is expanding upon an existing online delivery collaboration with DoorDash to introduce a new express grocery delivery service. This new service offers consumers delivery of fresh groceries in under 30 minutes. As part of this launch, consumers in more than 20 major cities across the U.S., including Los Angeles, Denver, and Seattle, are now able to receive express grocery delivery from their local Albertsons banner stores including Safeway, Vons, ACME Markets, Jewel-Osco, and Tom Thumb in 30 minutes or less, via the DoorDash marketplace.” (Chain Store Age)
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