- Amazon’s Great Labor Awakening “A shakeout is already underway. “In the Inland Empire, more than 40,000 people now work for Amazon warehouses as pickers, packers, sorters, unloaders and managers, as well as independent drivers, contract truckers, pilots and aircraft technicians. The company is so enmeshed in the community that it can simultaneously be a TV channel, grocery store, home security system, boss, personal data collector, high school career track, internet cloud provider and personal assistant.” (The New York Times)
- Dropbox slips to a loss after taking $400 million real estate hit due to remote work “Dropbox, which makes cloud-based storage and productivity software and is known for its lavish office space in San Francisco’s South of Market neighborhood, announced its ‘virtual first’ remote-work plan in October. ‘Remote work (outside an office) will be the primary experience for all employees and the day-to-day default for individual work,’ Dropbox said in a blog post. Some office space will remain for collaboration, and Dropbox will sublease some of the space.” (CNBC)
- CRE, Decarbonization and the ESG Challenge “While benchmarking ESG metrics is a critical first step, it’s not enough. With buildings accounting for about a third of carbon emissions in developed economies, the commercial real estate industry has a major role to play.” (Commercial Property Executive)
- iShares U.S. Real Estate ETF Experiences Big Inflow “Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares U.S. Real Estate ETF (Symbol: IYR) where we have detected an approximate $269.3 million dollar inflow -- that's a 5.2% increase week over week in outstanding units (from 58,450,000 to 61,500,000).” (Nasdaq)
- The Definitive Real Estate SPAC Tracker “As an alternative to the traditional IPO, special-purpose acquisition companies made a comeback last year with 248 blank-check firms going public, raising $83 billion, according to SPACInsider. This year is shaping up to be even bigger for SPACs.” (The Real Deal)
- Malls are 'land of opportunity,' says Chattanooga real estate developer buying former Macy's stores “A Chattanooga-based real estate development company is expanding its footprint into the Southeast where it's buying former mall department store space and transforming it for other uses. ‘I foresee the mall as being the land of opportunity,’ said Jimmy White, co-owner of Urban Story Ventures.” (Chattanooga Times Free Press)
- In the Pandemic, Online Home-Buying Picks Up Speed “The increased pressure on the market has been coupled with widespread adoption of tech tools that allow buyers to not just browse real estate but also apply for loans, finalize deals and even have documents notarized, all while social distancing from their sofas. Sixty-three percent of buyers who used Redfin in November and December went on to make an offer on a home they hadn’t seen in person, and monthly views of 3-D walk-throughs on the site are up more than 500 percent since February 2020.” (The New York Times)
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