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Eight Must Reads for the CRE Industry Today (Oct. 29, 2021)

Co-working operators are opening locations in smaller markets and more suburban areas, hoping to cash in on shorter commutes, reports The New York Times. CBRE reported that its investment sales and leasing revenue has finally reached pre-pandemic level. These are among today’s must reads from around the commercial real estate industry.

  1. Why Co-Working Startups Are Betting on the Suburbs “Paul Doran, a health care salesman, dreads the thought of commuting back to his office in Manhattan after 19 months of working from home in Jersey City, N.J. But Mr. Doran, 33, also wants a break from overhearing his fiancée’s calls and a better place to meet with clients than the local Starbucks. So he signed up for Daybase, a new company that is opening several co-working spaces, including in Hoboken, close to his apartment.” (The New York Times)
  2. $21.31: The Average Retail Asking Rent Rose for the 3rd Quarter in a Row “On the retail scene, it’s not the increasing vaccination rate that tells you we’re phasing out of pandemic life, it’s the increase in rent, and CBRE’s latest United States Retail Metrics report tells us that asking rents have risen in every quarter this year. The current national average of $21.31 is due largely to the fact that the availability rate fell to a 10-year low of 5.9%, down from 6.2% in the second quarter.” (Chain Store Age)
  3. Hotels: Occupancy Rate Down 9% Compared to Same Week in 2019 “U.S. hotel occupancy dipped a percentage point week over week, while room rates rose slightly, according to STR‘s latest data through October 23. October 17-23, 2021 (percentage change from comparable week in 2019): • Occupancy: 63.9% (-9.1%) • Average daily rate (ADR): $134.14 (-0.6%) • Revenue per available room (RevPAR): $85.74 (-9.6%).” (Calculated Risk)
  4. Invesco Real Estate and Avanta Ink Deal for Strategic Investment in Single-Family Rental Platform “Avanta Residential, the single-family rental affiliate of Hunt Companies, announced today that the firm has secured a recapitalization and strategic investment from Invesco Real Estate, a global real estate investment manager. The commitment will further scale Avanta's operating platform and position it as a pre-eminent build-for-rent enterprise.” (PR Newswire)
  5. CBRE Revenues Rebound After Pandemic Decline “Dallas-based commercial property firm CBRE Group reports that for the first time, its revenue from property sales and leasing has surpassed levels seen since before the COVID-19 pandemic.” (Dallas Morning News)
  6. The Unconventional Franchise Model Behind Chick-fil-A’s Success “Chick-fil-A has built its rapid growth on the popularity of its chicken sandwich. But its unconventional approach to business has helped make it the third biggest fast-food chain in the U.S. WSJ gets an inside look at the strategies driving the Atlanta-based company’s success.” (The Wall Street Journal)
  7. Long Beach, Utah Ports Will Move Cargo by Rail to Alleviate Supply Chain Logjams “Port authorities in California and Utah have partnered with Union Pacific Corp. to move more cargo by rail, a step toward alleviating record supply-chain logjams plaguing the U.S.’s biggest maritime hubs on the West Coast. The direct rail service connecting the port of Long Beach to Salt Lake City will allow cargo destined for all of the so-called intermountain west region to be taken from the clogged terminals on the coast for further inland distribution.” (Bloomberg)
  8. S.F.’s Next Luxury Housing Project Is Charging $27,000 a Month. It’s Aimed at Senior Citizens “Coterie Cathedral Hill will offer three daily meals prepared by Michelin-level chefs.” (San Francisco Chronicle)
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