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Eight Must Reads for the CRE Industry Today (July 22, 2021)

The New York Times chronicles the expected battles that may emerge among employers and workers over working from home. A House panel has called on several major SFR firms to provide testimony on recent evictions. These are among today’s must reads from around the commercial real estate industry.

  1. The Battles to Come Over the Benefits of Working From Home “People tend to think the fights will be over whether employers will allow remote work in the future. But a more vexing struggle may be over whether employers take most or all of these newfound benefits for themselves — not by prohibiting remote work but by expecting more hours from employees once the labor market is not as favorable to workers as it is right now.” (The New York Times)
  2. REBNY and Others Create New COVID Guidelines for Post-Labor Day Return to Office “The guidelines instruct building visitors to follow Centers for Disease Control and Prevention (CDC) recommendations to routinely clean and disinfect locker rooms and break rooms, encourage social distancing in locker and break rooms, provide those who are not fully vaccinated with face coverings, and provide employees with regular opportunities to wash their hands.” (Commercial Observer)
  3. House panel targets corporate landlords tied to thousands of evictions “As part of its investigation into pandemic evictions, the select subcommittee on the coronavirus crisis called on Invitation Homes, Pretium Partners, Ventron Management and the Siegel Group to provide documentation about their eviction practices, according to letters dated Monday and signed by Rep. James E. Clyburn (D-S.C.), the panel’s chairman.” (The Washington Post)
  4. Starwood Capital sweetens bid for Monmouth Real Estate “U.S. investment firm Starwood Capital Group on Wednesday sweetened its offer for Monmouth Real Estate Investment Corp to $18.88 per share from its previous bid of $18.70.” (Reuters)
  5. ‘Was the Astor Place Kmart Haunted?’ and Other Thoughts on Its Closing “The store’s announcement of its closure was a quiet one, communicated by printouts taped to clothing racks and windows. There had been rumblings for a while: Three years ago, the department store downsized from three floors to two after Vornado Realty Trust bought out its lease. Even earlier, tech and media giants like AOL and Facebook had set up shop in the building.” (The New York Times)
  6. Target is opening 100 mini shops from cosmetics chain Ulta in its stores this August, with 700 more planned “Target said that the Ulta shop-in-shops will be close to its beauty sections in stores, and would feature about 50 brands, including Clinique, Benefit Cosmetics, and Mac. These products will also be sold on Target's website, it said.” (Insider)
  7. The Shortage of Starter Homes Extends Beyond Major Cities “This phenomenon is affecting real estate in 10 of the largest states, according to an analysis from Freddie Mac. In Florida, for example, the share of homes with living area up to 1,400 square feet was 58% of new housing supply in 1985. Thirty years later, the share plummeted to 12%.” (The Wall Street Journal)
  8. Three Reasons To Use AI When Choosing CRE Locations For A Retail Business “Knowing the demographics of your market provides you an initial understanding of whether your business is viable for that area. A void analysis shows you areas where your type of business may be underrepresented.” (Forbes Real Estate Council)
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