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Bob Sulentic
Bob Sulentic, President & Chief Executive Officer of CBRE Group, Inc.

Nine Must Reads for the CRE Industry Today (June 3, 2021)

CBRE CEO Bob Sulentic shared his thoughts on returning to the office and diversity and inclusion efforts, as part of a wide-ranging discussion reported by D Magazine. The Trump Organization has quietly put its Washington, D.C., hotel back on the market, according to The Washington Post. These are among today’s must reads from around the commercial real estate industry.

  1. What The CEO of the World’s Largest Real Estate Firm Says About the Industry’s Future “Sulentic has encountered increased interest in dense and multifamily housing options within Dallas, especially for young people. And those who reside in these facilities are interested in amenities and brick and mortar retail, so the shift to primarily e-commerce will not impact the small business industry.” (D Magazine)
  2. Trump’s company puts D.C. hotel lease up for sale, again “Now, with Trump under investigation by prosecutors in New York and the economy beginning to take off, his company is trying again, hiring the brokerage firm Newmark Group to market the lease, according to the people, who spoke on the condition of anonymity to share private business discussions.” (The Washington Post)
  3. Investors Pour $10b Into Life Sciences Real Estate This Year “Some of this can be attributed to the push to develop Covid-19 vaccines. But the sector was booming even before then: In some area where new projects have popped up — such as San Diego or Boston — asking rents for labs or research buildings have been on the rise. Rents in and around San Francisco have increased 90 percent in the past five years, while conventional office space has seen rents rise just 20 percent over the same period.” (Propmodo)
  4. Federal Budget For 'Made In America' Manufacturing Could Mean Even More Industrial Demand “The plan includes funding for the Made in America office, created by executive order in January, which will work with other federal agencies to ensure allocated funds are spent in the U.S. While it's unknown how much more demand this provision will create for industrial space, commercial real estate experts say any focus on reshoring manufacturing has the potential to further heighten industrial space demand.” (Bisnow)
  5. Alamo Drafthouse Completes Sale: Out Of Bankruptcy And Opening Five New Theaters As Box Office Revives “It closes out its bankruptcy with the completion of the sale to Altamont Capital Partners, funds managed by affiliates of Fortress Investment Group and Alamo Drafthouse founder Tim League. The news follows the circuit’s biggest box office weekend since the pandemic began, including a stellar return of the Los Angeles theater that saw sold out shows for all films and all showtimes for the entire holiday weekend from Friday to Monday." (Deadline)
  6. Google's Fulton Market landlords cashing out “The price tag on the property is especially high for a multi-tenant office building against the backdrop of record-high downtown office vacancy and questions about future demand for workspace in the city. Investors have paid premiums during the pandemic for office buildings like the Mondelez property or McDonald's global headquarters at 110 N. Carpenter St. with single, high-credit tenants signed to long-term leases because of their stable cash flow and limited variables amid the office market's murky future.” (Crain’s Chicago Business)
  7. PGIM Real Estate Buying New Ease China Logistics Projects For $323M “The real estate arm of fund manager PGIM, a division of US financial giant Prudential, said it has acquired from New Ease a 10-warehouse complex in Nanjing on behalf of its APAC core-plus strategy, while it is investing to acquire and develop New Ease warehouse projects in Shanghai and Langfang under its APAC value-add strategy.” (Mingtiandi)
  8. Coworking Is Back, But This Time It’s Really Boring “Instead, the many spaces that have hefty new investments or expansions are just frankly boring. Is the post-pandemic worker craving a place to do their job outside their apartment so badly that they’ll pay a company called Industrious — Industrious — for little more than a desk? Not me! Not this time!” (Curbed)
  9. 5Qs for Michael Kalil on repositioning malls “Embracing the fact that the focus at big retail centers now is more experiential than it is retail. Small, suburban towns with side-street restaurants, entertainment, and retail that you can walk to are becoming more popular. You have to find different reasons for people to get in a car and drive to a mall.” (Chain Store Age)
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