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Five Must Reads for the CRE Industry Today (March 9, 2021)

The New Yorker looks at what happens when investment firms acquire trailer park communities. Many restaurants are finally reopening indoors, but there are still big challenges they need to overcome when doing so, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. COVID-19-Closed Restaurants Are Reopening. Running Them Is Still a Battle “A year into the pandemic, restaurants’ wish is coming true: State and local governments are allowing them to seat and serve customers indoors again. But that comes with its own challenges. Every state in the country now permits some level of indoor dining. Even heavily restrictive states including Michigan, Illinois and California are reversing dine-in bans that were imposed late last year to try to curb a surge in coronavirus cases.” (Wall Street Journal)
  2. What Happens When Investment Firms Acquire Trailer Parks “One day in October, 2016, Carrie Presley was visiting her boyfriend, Ken Mills, when she received a phone call from a neighbor informing her that someone had just been shot outside her home. Presley lived with her seventeen-year-old daughter, Cheyenne, in a two-story clapboard house on Jackson Street, in the northern part of Dubuque, Iowa. The neighborhood was notorious for its street crime, and Presley, who was, as she put it, in ‘the housing community’—she received Section 8 housing vouchers—had grown used to the shootings and break-ins that punctuated life there.” (The New Yorker)
  3. Dodge Reports Spike in Construction Planning “The Dodge Momentum Index rose to 149.0 in February, up 7.1 percent compared to January’s reading of 139.1. The increase marked the highest level for the index in nearly three years, according to the latest report by Dodge Data & Analytics. The report also noted that the Dodge Momentum Index was up 9.2 percent compared to the same time last year. The index’s February increase was buoyed by the institutional sector’s 26.3 percent increase that hit 105.4, compared to January’s reading of 83.5.” (Commercial Observer)
  4. Kilroy to Sell The Exchange Property in San Francisco for $1.1 Billion “Kilroy Realty Corp. announced Monday an agreement to sell The Exchange of 16(th) office property in San Francisco for $1.08 billion. At $1,440 per square foot, the real estate investment trust said brokers have reported that the sales price per-square foot is the highest for a major property in San Francisco's commercial real estate market. Kilroy started development of The Exchange in 2015, with a total cost of $585 million, or $780 per square foot.” (MarketWatch)
  5. Law Firms Seizing Office Opportunities, Subletting Space Amid COVID “Law firms in major U.S. markets are seizing on opportunities during the pandemic to cut back on their office space and to reassess such needs in the future. But the industry is not expected for now to embrace drastic changes like widespread use of hoteling. That’s according to a new white paper from commercial real estate services firm Newmark.” (Commercial Observer)
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