- American Tower inks pact to buy CoreSite Realty for $10.1B in all-cash deal “American Tower (NYSE:AMT) agrees to acquire the data center REIT CoreSite Realty (NYSE:COR) for $10.1B, including assumption of debt, a move that will expand AMT's mobile edge compute business in advance of the proliferation of 5G low-latency applications.” (Seeking Alpha)
- L.A. moves to exempt malls from COVID-19 vaccine verification requirements “The city of Los Angeles is moving toward dropping malls and shopping centers from its recently implemented COVID-19 vaccine verification requirements. With no discussion, the City Council voted 10-0 Friday to ask the city attorney to revise the local ordinance to make that change, as well as to specify that the rules would apply only to those who are at least 12 years old.” (Los Angeles Times)
- Store Openings Are Ushering In a "New Age of Retail" “In contrast to the spate of store closures ushered in by the pandemic last year, Moody’s notes a shift whereby a new group of brands are opening physical locations with new objectives and new product offerings: think less apparel and fewer department stores and more openings in food and beverage and automotive-related activities.” (GlobeSt.com)
- As American Workers Leave Jobs in Record Numbers, a Closer Look at Who Is Quitting “And a survey of 3,600 U.S. workers released recently by software maker Qualtrics found a growing share of women open to changing roles. Some 63% of female middle managers said they intended to stay in their jobs next year, a drop from 75% in 2021, while 58% of women in nonmanagerial roles said the same.” (The Wall Street Journal)
- NYC Commercial Real Estate Brokers Say They've Never Been More Confident “The Real Estate Board of New York’s quarterly real estate broker confidence report showed its Current Conditions Index for commercial brokers spiked to hit a record high of 36, up from 20 the quarter before and above the previous peak of 32 from Q4 2019. For residential brokers, the index hit 56, a slight decline from the quarter before.” (Bisnow)
- Ocean Shipping Rates Fall but Ports Are Still Jammed “The decline in ocean-freight rates coincides with the winding down of the traditional peak shipping season, which starts in August when Western importers start to load up on cargo ahead of the year-end holidays. With most products at least on their way, space is gradually opening up on the front end of the trip, leading to lower prices.” (The Wall Street Journal)
- How the pandemic is changing Philadelphia's commercial real estate “As hybrid work environments become the norm, some commercial real estate companies, like CBRE, believe flexible office leases will continue to rise in popularity. Meanwhile, some brokers are focusing on attracting office buildings that offer more lenient contracts in general.” (Axios)
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