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Nine Must Reads for the CRE Industry Today (Oct. 7, 2020)

Hotel owners are turning their properties into offices and schools, among other uses, reports The New York Times. The Wall Street Journal looks at ways the retail sector has changed since the onset of the pandemic. These are among today’s must reads from around the commercial real estate industry.

  1. How Coronavirus Changed the Retail Landscape “The pandemic accelerated a major shift in the retail industry. Traffic to stores evaporated. Online credit-card transactions soared and e-commerce sales jumped. Here, in charts, are some ways the sector has changed.” (Wall Street Journal)
  2. Pummeled by the Pandemic, Hotel Owners Get Creative With Their Space “As the hospitality industry grapples with a severe downturn, owners are turning hotels into offices, schools, emergency housing, wedding halls or homeless shelters.” (The New York Times)
  3. Commercial-Property Foreclosures Are Poised to Rise as Covid-19 Lingers “More lenders go after malls, hotels and apartment buildings as forbearance periods expire.” (Wall Street Journal)
  4. Sizing Up the Rural-Urban Travel Divide: Who’s Up and Who’s Down “Remote U.S. destinations, where social distancing is easier, are generally faring better than cities, which are trying hard to get a bigger share of the leisure crowd.” (The New York Times)
  5. Reis: Office, Mall and Apartment Vacancy Rates Increased in Q3 “The third quarter statistics clearly show that property owners started to feel the impact of the pandemic.” (Calculated Risk)
  6. Small Gyms Devastated by Coronavirus Fear, Restrictions “There’s little evidence of Americans’ passion for fitness at the tens of thousands of small and independent gyms around the country.” (Associated Press)
  7. Holiday Crowds at the Mall Will be Smaller This Year: ShopperTrak Predicts as Much as 25% Drop in Shoppers “Black Friday might be losing its clout. But it is still expected to be the busiest day in stores during the 2020 holiday shopping season, according to a new report.” (CNBC)
  8. AMC, Cinemark Won’t Close Theaters Even as Blockbusters Flee 2020 “AMC Theaters, the largest cinema chain in the U.S., and rival Cinemark said they have no plans to shutter theaters even as additional Hollywood blockbusters postpone their release dates to next year.” (CNBC)
  9. Thomson Reuters Looks to Sell Stake in Times Square HQ “Thomson Reuters is considering selling its stake in its Times Square headquarters.” (The Real Deal)
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