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Seven Must Reads for the CRE Industry Today (July 2, 2021)

Office vacancies have hit an all-time high in Manhattan, according to The New York Times. High-profile properties in Atlanta and Las Vegas changed hands. These are among today’s must reads from around the commercial real estate industry.

  1. Office Vacancies Soar in New York, a Dire Sign for the City’s Recovery “While some companies are preparing to call back workers to their offices, the amount of office space available for lease in Manhattan has soared to the highest rate ever, according to reports released on Thursday, underscoring how the sudden shift to remote work during the coronavirus pandemic is upending the city’s commercial real estate industry.” (The New York Times)
  2. MGM Resorts Agrees to Sell Las Vegas CityCenter for $3.9 Billion “CityCenter is a glassy complex with hotel-condo towers and luxury shopping, originally built for $8.7 billion, but it nearly plunged into bankruptcy after construction costs skyrocketed and it opened amid an economic recession in 2009. If the deal finalizes, MGM, which is the largest operator on the Strip, would continue a now well-worn financial strategy to bulk up its cash balance while owning less real estate in Vegas.” (The Wall Street Journal)
  3. CP Group, Rialto Capital Management Buy One CNN Center in Atlanta “After trading Miami office towers, CP Group and Rialto Capital Management are back on the prowl, purchasing the massive One CNN Center office building in Downtown Atlanta, Ga. CNN’s parent company, WarnerMedia, sold the 1.2 million-square-foot property for an undisclosed amount, but will keep a presence at the building.” (Commercial Observer)
  4. Big Leases Mask LA Office’s Long Road To Recovery “Overall leasing activity rose from 1.9M SF in Q2 2020 to 3.1M SF in Q2 2021, but that was in large part thanks to the handful of big-name leases, according to the report. Leasing activity was still down 21% compared to conditions right before the coronavirus pandemic — 4M SF of activity in Q1 2020 — and trailed the five-year quarterly average of 3.5M SF, Savills found.” (Bisnow)
  5. Walgreens Is Healthier Than Wall Street Thinks “The pharmacy giant reported sales of just over $34 billion and adjusted earnings of $1.38 a share in the quarter that ended in May; both figures topped analyst estimates. Walgreens also raised its full-year earnings guidance to about 10% growth from a year earlier. That is the second straight quarter it has raised its outlook since new Chief Executive Rosalind Brewer took over the top job in March.” (The Wall Street Journal)
  6. Dude, where's my desk? Many companies eliminating assigned workstations. “Many employees will return to the office after Covid-19 without a traditional workstation as companies embrace office hoteling. It's a move that likely won't please everyone, but experts say there are ways employers can increase the likelihood of success.” (The Business Journals)
  7. Google Cookie Ban Puts Real Estate Tech on a First-Party Data Diet “It’s been over a year and a half since Google announced plans to scrap its third-party cookies on Google Chrome, following suit with other top browsers that have phased out technology that tracks web-browsing habits. Google recently delayed its plans to stop supporting third-party cookies on Chrome by late 2023, nearly two years later than its initial time frame of early 2022.” (RisMedia)
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