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Seven Must Reads for the CRE Industry Today (July 6, 2021)

The self-storage sector has been recovering from the impact of COVID-19 faster than many other property sectors, reports The Wall Street Journal. The Real Deal takes an in-depth look at Extended Stay America’s recently purchased portfolio. These are among today’s must reads from around the commercial real estate industry.

  1. Self-Storage Bounces Back Ahead of Others as COVID-19 Eases “Self-storage pulled ahead of other property types in the reopening trade as the real-estate business rebounded this year during the easing of pandemic restrictions. The storage facilities around the country have brought the biggest returns to investors in public real-estate stocks this year. Many people moved, and for those who stayed put, a desire to have more space in their homes because of remote learning and working also spurred demand for self-storage.” (The Wall Street Journal)
  2. Here's an Inside Look at Extended Stay’s 62K-Key Portfolio “Extended Stay America, which Blackstone and Starwood recently took private in a $6.3B deal, weathered the pandemic rather well thanks to its… extended stays. Here’s a closer look at the company’s 560-property portfolio.” (The Real Deal)
  3. JPMorgan, Goldman Call Time on Work-from-Home. Their Rivals Are Ready to Pounce. “There is a growing divide on Wall Street: firms calling employees back and firms telling people they can work from home. Titans like Goldman Sachs Group Inc. and JPMorgan Chase & Co. are taking a hard-line approach, beefing up in-person staff five days a week in New York even though it might mean losing talent. Rivals including Citigroup Inc. are touting flexibility, betting that a softer approach will help them poach top traders and deal makers.” (The Wall Street Journal)
  4. Remote Workers Are Moving Out of Big Cities—But Not to the Midwest “Some have suggested that remote workers, newly untethered from their offices in big cities, could move to and revitalize beleaguered cities and towns in the heartland, bringing with them their big paychecks and big spending. That, however, isn’t likely to happen, according to a new report from the Brookings Institution’s Metropolitan Policy Program. People aren’t moving from coastal cities to the Midwest in any meaningful way.” (Recode)
  5. CRE Firms Are Ripe for Ransomware Attacks “Huge oil transportation company Colonial Pipeline and major meatpacker JBS Foods both made headlines when they fell victim to ransomware attack earlier this year. Little wonder:  This form of criminal activity, in which malware placed on computer systems encrypts everything making operations impossible unless someone pays a ransom, is a high-profile subject. Real estate firms have less frequently been reported as being hit by ransomware.” (
  6. Commercial Landlords Return to Throwing Lavish Parties to Show Off Office Space “Commercial landlords and brokers are rolling up their sleeves and getting down to business even as naysayers anguish over Manhattan’s record-high 18.7 percent office availability rate. A sure sign of their determination — and confidence — is the return of broker parties, a time-honored lubricant of the city’s office-leasing machine.” (New York Post)
  7. ‘Should We Sell?’ After Collapse, Hot Florida Market Faces Uncertainty “The partial collapse on June 24 of Champlain Towers South in Surfside has plunged older beachside condos and high-rise buildings like it into a swirl of uncertainty. Local government officials and condo associations are rushing inspections, some of them long overdue. Insurance companies are demanding proof that aging buildings have been evaluated or are threatening to cut off coverage.” (The New York Times)
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