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Seven Must Reads for the CRE Industry Today (Nov. 11, 2021)

The backlog at California’s ports has hit a new level, reports Insider. A new poll shows a chunk of U.S. workers remain reluctant to fully return to offices. These are among today’s must reads from around the commercial real estate industry.

  1. A record 111 container ships are floating off California's busiest ports, despite Biden's 24/7 schedule and looming fines “The two ports remain clogged despite efforts to speed up the processing of containers amid a surge in consumer demand for goods. The White House announced a shift to an around-the-clock schedule in October and a new looming threat of fines for leaving containers on the docks for several days.” (Insider)
  2. Majority Of U.S. Employees Skeptical About Return-To-Work Plans “A survey released Wednesday by workplace analytics company Humanyze found that 63% of the nearly 2,300 employees who responded lacked full confidence that their company’s post-pandemic workplace strategy was the best for employees. The results represent a significant rise over the 46% of survey respondents who felt the same in April, Humanyze noted.” (Bisnow)
  3. Schumer scores billions for New York's decaying public housing “The latest version of the $1.75 trillion plan includes $65 billion to shore up government-built apartments across the country, accounting for 43 percent of the $150 billion housing portion of the bill. Democratic aides expect much of it will go to the New York City Housing Authority and its estimated $40 billion repair backlog.” (Politico)
  4. One-third of Manhattan employers expect to need less NYC office space in near future, survey says “Employers surveyed by the Partnership for New York City said 28% of their workers are currently back on an average weekday.” (New York Business Journal)
  5. Hungry for More, DoorDash Orders a Heavy Dessert “The company also said Tuesday it would acquire Helsinki-based delivery company Wolt in an all-stock transaction valued at about $8.1 billion. With the deal, DoorDash will gain access to Wolt’s more than 2.5 million customers across 23 countries.” (The Wall Street Journal)
  6. LA investor tops $1B for Hudson Commons in Manhattan “The deal comes as Manhattan continues to struggle to get workers to return to the office and companies make plans to downsize their space. It also highlights a growing chasm between top-quality properties and those that will bear the brunt of the shift to work-from-home.” (The Real Deal)
  7. What The Newest Department Store Partnerships Mean For Physical Retail Strategies “It's evident what the department store's advantage is, but why are these young brands doing it? There's the added revenue component, but ultimately, it's bigger than that. The partnerships with department stores help build a brand's physical retail and real estate strategy.” (Forbes)
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