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Seven Must Reads for the CRE Industry Today (May 24, 2022)

Technology and finance firms are among those leaving Midtown Manhattan for trendier neighborhoods, reports The Wall Street Journal. Profit margins on single-family rentals have declined, according to data provider ATTOM. These are among today’s must reads from around the commercial real estate industry.

  1. Exodus from Midtown Manhattan Led by Tech and Banks “Companies are bypassing prime blocks in Midtown Manhattan for neighborhoods further west or downtown, as Park Avenue fades from prominence after decades as a magnet for some of the world’s biggest companies. With many employees preferring to work remotely or from home, companies are giving priority to state-of-the-art office towers with outdoor space and buildings in trendier neighborhoods in an effort to lure workers back to their desks.” (The Wall Street Journal)
  2. Single-Family Rental Homes See Drop in Returns “It’s a challenging market for single-family home rentals for both landlords and tenants, according to real estate data provider ATTOM. Its latest report on SFRs showed that profit margins are down year-over-year across most of the country. Furthermore, margins are “slightly more likely” to drop in areas that already have lower yields. Using its own data and that licensed from third parties, the company analyzed SFR rental yields in 212 U.S. counties with populations of at least 100,000.” (
  3. As Families and ‘Parrotheads’ Flock to Campgrounds and RV Parks, Institutional Investors See Their Next Big Score “Climbing RV sales and interest in outdoor lifestyles have some big investors turning to campgrounds as their latest target in their search for yield.” (Insider)
  4. The Glut of U.S. Retail Space Is Slowly Getting Chipped Away “There was 56.8 SF of retail space per person in the U.S. at the end of last year.” (Bisnow)
  5. Starbucks Will Exit Russia After 15 Years, Closing 130 Licensed Cafes “After 15 years operating in Russia, Starbucks will exit the market, joining companies like McDonald’s, Exxon Mobil and British American Tobacco in withdrawing from the country completely. The coffee giant announced Monday that it will no longer have a brand presence in Russia. Starbucks has 130 locations in the country, which account for less than 1% of the company’s annual revenue. They are all licensed locations, so the Seattle-based company itself doesn’t operate them.” (CNBC)
  6. As Flourishing Cannabis Industry Expands to Pricier, High-Profile Sites, Social Equity Applicants Left Behind “As cannabis businesses grow and move to fancier, pricier locations, social equity applicants could be left behind.” (Chicago Tribune)
  7. Footage of Huge Line for New York Apartment Open House Sparks Anger: ‘Actually So Devastating’ “A New Yorker has highlighted the current competitiveness of the New York City real estate market with a video of a real estate agent taking a selfie in front of the huge crowd of people that showed up for a recent open house. Sarah, who goes by the username @sarahloukiernan on TikTok, and who lives in Brooklyn, shared a video of the large turnout earlier this month. In the clip, which Sarah filmed in the Greenpoint neighbourhood of Brooklyn, the TikToker captured the moment that a real estate agent attempted to take a selfie with the crowd of people who showed up to view an available apartment in the New York City borough.” (Yahoo! News)
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