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Seven Must Reads for the CRE Industry Today (Aug. 23, 2021)

With remote work now set to last for up to two years, some companies are concerned about convincing workers to ever come back to offices, reports The Wall Street Journal. Sublease office space has reached a record of 208.6 million sq. ft., reports Colliers. These are among today’s must reads from around the commercial real estate industry.

  1. Remote Work May Now Last for Two Years, Worrying Some Bosses “After months spent hunched over kitchen tables, some employees say they have settled into a more comfortable rhythm of remote work. Others have finally sprung for more ergonomic desks or chairs at home. As more time passes until offices reopen, it could become difficult to convince existing employees to willingly upend their new lives and return to pre-pandemic schedules in offices, executives say.” (The Wall Street Journal)
  2. Sublease Impact Varies Across the Leading U.S. Office Markets “The rapid escalation in sublease office space has been a headline story in the U.S. for the past five quarters. As a result, a record 208.6 million square feet of sublease space is available across the U.S. office market, significantly higher than the prior peak of 143.3 million square feet seen in Q2 2009 at the height of the global financial crisis.” (Colliers International)
  3. As rent relief finally flows, landlords hold criticism over fear of reprisal “But now that New York landlords know the state’s emergency rental assistance program is actually making payments, they’re reticent about criticizing further snags. Many hope that if they bite their tongues, funds will flow without further delay and they will finally be able to wash their hands of 17 months of mounting debts.” (The Real Deal)     
  4. The Federal Government Could Soon Give Back Millions Of Square Feet Of Office Space “Several real estate professionals who work with the federal government, including two former heads of the General Services Administration's Public Buildings Service, told Bisnow they expect this directive will lead agencies to shrink their leased office footprints, a trend that could have massive ripple effects across the U.S. commercial real estate market.” (Bisnow)
  5. Survey: In-store experience still critical to shoppers “A recent Treasure    Data survey of U.S. consumers about their holiday shopping plans also indicates strong omnichannel preferences. Nearly half of survey respondents (47%) planned to do a combination of in-store and online shopping for the holidays, with almost four in 10 (39%) skipping brick-and-mortar altogether in favor of e-commerce options” (Chain Store Age)
  6. Apple Postpones Return to Office Until January “A surge in Covid-19 cases due to the Delta variant has caused many companies to rethink their plans to bring employees back to the office. Other large technology companies such as Inc. and Facebook Inc. have delayed their office return until January.” (The Wall Street Journal)
  7. New York Real Estate Developer Sees Swift Rebound Continuing Across Condos, Rentals and Retail “Today, with Mr. Caspi, 42, at the helm, the company manages a diverse portfolio of residential, commercial and hotel properties throughout Manhattan the Bronx and Westchester, north of New York City. We caught up with him recently to chat about just who’s buying, what’s hot in the New York real estate market and where it’s going.” (Mansion Global)
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