- A Two-Year, 50-Million Person Experiment in Changing How We Work “When one of America’s earliest open-plan offices debuted in Racine, Wis., in 1939, women made up less than one-third of the country’s labor force. The design of that early office, not so different from the one that modern workers experience, fit the needs of a particular employee: someone who could stay late because he didn’t have to rush home to make dinner for his children; someone pleased to cross paths with the boss because it meant time to talk golf.” (The New York Times)
- Approaching Hybrid Work Policies: What Real Estate Employers Should Consider “As the COVID-19 pandemic subsides and white-collar employees are finally heading back to their offices, the real estate industry, like other industries employing large numbers of white-collar employees, will face pressures from employees seeking greater flexibility as to where they perform work. Many industry employers were at the forefront of the return to work (RTW) movement during the past year.” (The National Law Review)
- Congress Poised to Revive EB-5 Visa Program—with Reforms “Months after its lapse, an altered EB-5 program might return as a CRE capital source.” (Bisnow)
- Self-Storage Demand Is Stabilizing After COVID-Led Surge “Demand in the self-storage sector is stabilizing following a COVID-induced surge, and analysts at one brokerage say oversupply concerns are now safely in the rearview. A recent Marcus & Millichap investment forecast for the self-storage asset class predicts the pace of rent growth, which increased by 13% on average nationally for a standard-sized unit since March 2020, will moderate as some – but not all – of the pandemic-related demand drivers decrease.” (GlobeSt.com)
- Dallas Is No. 1 for Real Estate Development, Report Says “Dallas-Fort Worth ranks first in the nation for real estate development over the past decade, according to data compiled by StorageCafe. Details: The company analyzed residential and commercial developments in the largest 50 metropolitan areas over the past decade. Residential building permits were tallied and commercial development was quantified by square footage added.” (Axios)
- McDonald’s Says Restaurant Closures in Russia Will Cost the Chain $50 Million a Month “McDonald's said its restaurant closures in Russia will cost the company millions of dollars. Speaking at a UBS consumer and retail conference on Wednesday, and reported by CNBC, CFO Kevin Ozan said that while McDonald's is still evaluating the full impact on the business, it estimates that the closure of its nearly 850 restaurants in Russia will cost the chain around $50 million per month.” (Insider)
- Two Years After the Pandemic, Much Has Changed. CRE Is Just Fine with That “Nothing is the same for CRE in the wake of the pandemic. Much of that is good news.” (Bisnow)
- Obsolescence Could Trigger a Massive Downward Repricing in Office Space “Pointing to ‘alarming obsolescence,’ Zisler Capital Associates released a report of a new economic analysis stating that “as much as 70% of the total inventory faces an alarming period of repricing due to fast-paced obsolescence, accelerated by COVID but exacerbated by evolving environmental and health standards.” The report also suggests that for 30% of the existing office stock, retrofitting and upgrades may be economically unfeasible.” (GlobeSt.com)
- New Owners to Turn Cincinnati’s First Big Mall into 76-Acre Mixed-Use Project “hen it opened in 1960, Tri-County Shopping Center was the biggest mall built by Baltimore-based developer Joseph Meyerhoff and the Cincinnati metro’s first enclosed shopping space. Now, like many pioneer malls, it will be transformed into a mixed-use development.” (Chain Store Age)
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