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Seven Must Reads for the CRE Industry Today (June 21, 2021)

Slate analyzes whether the recent panic about Wall Street firms' investment in single-family rentals is overblown. Vitamin Shoppe is launching a franchise model for the first time in its history, reports Franchise Times. These are among today’s must reads from around the commercial real estate industry.

  1. Investment Firms Aren’t Buying All the Houses. But They Are Buying the Most Important Ones. “The truth is between the two: We can panic and acknowledge Wall Street’s small role at the same time. Although the number of houses being purchased by mega-investors is currently not enough to move the market in most parts of the country, these firms’ underlying structural advantage is profound and growing.” (Slate)
  2. After 44 Years, The Vitamin Shoppe Launches Franchising Model “For the first time in its 44 years of being in business, The Vitamin Shoppe will allow independent operators to own their supplement stores. The brand has been working on launching the new franchise program for more than a year, said Sharon Leite, CEO.” (Franchise Times)
  3. Napa Valley Feud Pits Real-Estate Startup Against Homeowners “Such scenes are becoming more common in California wine-country towns where a real estate startup called Pacaso is snapping up million-dollar homes, then selling ownership shares to second-home searchers looking for weekend getaways.” (The Wall Street Journal)
  4. Slow Rebound of Construction Jobs Threatens NYC Post-Pandemic Rebuilds “Despite being one of the first industries allowed to resume work after the shutdown 15 months ago, New York City’s building sector remains 25,000 jobs below its pre-coronavirus peak.” (The City)
  5. Commercial / Multifamily Mortgage Debt Outstanding | Q1 2021 “The level of commercial/multifamily mortgage debt outstanding rose by $44.6 billion (1.1 percent) in the first quarter of 2021, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report. Total  commercial/multifamily debt outstanding rose to $3.93 trillion at the end of the first quarter. Multifamily mortgage debt alone increased $28.8 billion (1.7 percent) to $1.7 trillion from the fourth quarter of 2020.” (Mortgage Bankers Association)
  6. China’s First Batch of Real Estate Investment Trusts All Gain on Trading Debut “China’s first publicly sold real estate investment trusts all jumped on their first day of trading on the Shanghai and Shenzhen stock exchanges today, as the government pilots a new investment vehicle aimed at directing private capital into infrastructure projects and taking some of the burden off debt-laden local governments.” (YiCai)
  7. YieldStreet Head of Real Estate Says Ongoing Acceptance of Retail Crowd Raising for Property Market to Continues “He added that as he views it, crowd platform investing for CRE is ‘going to be the most accepted and earliest adopted retail segment for investing, and I’m of the opinion that even institutional companies and managers, who historically shied away from it, will start to embrace and partake in it.’ He also noted that his guess is that ‘we’re in the third inning of that — there’s a whole runway for the field to evolve.’” (Crowdfund Insider)
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