- New Mask Rules Are Tricky for Business “Retailers like Macy’s and the Gap said they were reviewing the new guidance, while Home Depot has not changed its rules requiring customers and workers to wear masks in its stores. Airlines and other transportation companies didn’t need to react, because federal guidelines still require masks for their industry.” (The New York Times)
- Distressed Real Estate Debt Doubles “The low levels of bad debt are due in part to a host of forbearance measures implemented to assuage the effects of shutdowns enacted to curb the virus’ spread. As those accommodations expire, however, the level of troubled debt is expected to tick higher, stoking optimism that more distressed opportunities could shake loose down the road.” (Green Street)
- Brookfield posts record FFO in Q1 — but not because of real estate “More than half of the quarter’s FFO came from the company’s private equity ($992 million) and asset management ($636 million) segments, which saw big year-over-year gains — 500 percent and 67 percent, respectively. Brookfield’s real estate segment produced FFO of $250 million, a 14 percent increase from the same period last year.” (The Real Deal)
- Experts Urge Strict Workplace Air Quality Standards, in Wake of Pandemic “There is little doubt now that the coronavirus can linger in the air indoors, floating far beyond the recommended six feet of distance, the experts declared. The accumulating research puts the onus on policymakers and building engineers to provide clean air in public buildings and to minimize the risk of respiratory infections, they said.” (The New York Times)
- Airbnb’s Bookings Improve, Revenue Recovers “Company officials have said they are seeing gradual business improvement as people appear more willing to book stays, as well as an uptick in local travel and long-term stays of at least 28 nights, softening the impact from cancellations and falling bookings as a result of the pandemic.” (The Wall Street Journal)
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Five Must Reads for the CRE Industry Today (May 15, 2021)
Businesses are trying to assess how to roll back mask rules based on the most recent CDC guidance, reports The New York Times. Green Street reports that the volume of distressed debt has doubled. These are among today’s must reads from around the commercial real estate industry.