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Nine Must Reads for the CRE Industry Today (Jan. 27, 2022)

Prologis is looking to offer ancillary services to its tenants as way of boosting revenue, reports The Wall Street Journal. In a new perk for its New York office tenants, Vornado is offering free food delivery options. These are among today’s must reads from around the commercial real estate industry.

  1. Warehouse Giant Prologis to Offer More Peripheral Services, CFO Says “Prologis is now looking at ways to grow its non-real estate services to customers and boosting revenues further. The company, through what it calls its ‘essentials’ business, offers customers the ability to purchase solar energy from panels on top of its warehouses, among other services. It plans to expand its offering this year to include equipment rentals for items including forklifts, racking systems and generators, Mr. Olinger said.” (The Wall Street Journal)
  2. Vornado’s New Return-to-Work Perk: Free Food Delivery “Now, Vornado Realty Trust is getting deeper into the amenity game having solidified a partnership with the workplace food ordering platform Sharebite throughout its Manhattan portfolio, Commercial Observer has learned.” (Commercial Observer)
  3. As Infrastructure Money Pours In, Construction Companies Prepare To Deal With Unintended Consequences “The infrastructure bill will result in a 5% increase in U.S. construction spending in 2022, and another 5.5% in growth in 2023, according to an estimate published by Moody's Investors Service last year. As for construction labor, Associated Builders and Contractors estimates that the industry has recovered only 92.1% of the jobs lost since the beginning of the coronavirus pandemic, even as the economy and demand for construction services expanded in 2021.” (Bisnow)
  4. In California, a New Fight to Stop Building in the Path of Fire “The successful legal challenges have emerged as a powerful new tactic for state government to control development in wildfire-prone areas — places where building decisions are typically made by local officials who also face pressure to provide affordable housing, economic development and tax revenues.” (The New York Times)
  5. Major CRE Players Fuel Proptech Funding Boom Aimed At Hybrid, Remote Workers “The cash outpouring was fueled by major players in commercial real estate like CBRE, JLL, Cushman & Wakefield and Nuveen Real Estate, all of which are looking ahead to capture hybrid or remote workers in a post-pandemic world.” (Bisnow)
  6. The Struggle Is Real for Zillow “Lately, though, it has been a more profitable one: Zillow is forecasting its Internet, Media and Technology segment, the majority of which is composed of agent ads, will generate around $200 million in adjusted earnings before interest, taxes, depreciation and amortization for the fourth quarter, versus up to $365 million in adjusted Ebitda losses for its Homes segment, which houses iBuying.” (The Wall Street Journal)
  7. Bidding War For Kohl’s Sparked By Locations, Locations And More Locations “If a victor emerges, they will likely sell a significant chunk of real estate and use the proceeds to help finance the deal. Kohl’s confirmed in a statement that it has received letters expressing interest in acquiring the company, and said its board will determine what’s in the best interest of the company and its shareholders.” (Forbes)
  8. BJ’s Wholesale Club enhances supply chain with acquisition “Burris Logistics is a 90-year-old family business that provides temperature-controlled distribution and logistics services to clients across the United States. For decades, Burris Logistics has partnered with BJ’s to support the daily supply chain operations for BJ’s perishable business.” (Chain Store Age)
  9. New York rent relief contractor boasted “38 percent margins” on back of depleted fund “Eventually, the state was able to disperse $2.4 billion in aid, but payments didn’t start going out until August. The program ran out of funds in November and the portal was closed to most advocates, triggering a lawsuit filed last month by local tenant and housing advocates.” (The Real Deal)
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