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Seven Must Reads for the CRE Industry Today (Oct. 25, 2021)

Retailers are planning to offer fewer discounts this holiday shopping season, reports The Wall Street Journal. Washington Prime Group CEO Lou Conforti is stepping down as part of the company’s bankruptcy restructuring. These are among today’s must reads from around the commercial real estate industry.

  1. Shoppers Find Discounts Are in Short Supply This Holiday Season “For retailers, the newfound pricing power—after years of rampant discounting and deflation—is boosting profits at a time when sales are still recovering from the pandemic. It is also making some customers think twice about their holiday shopping plans.” (The Wall Street Journal)
  2. Washington Prime Group CEO out as bankruptcy winds up “Lou Conforti is stepping down as chief executive officer, the company also said. Chief Financial Officer Mark Yale and Head of Leasing Josh Lindimore, will serve in the interim as co-CEOs. In addition, Sujan Patel, Jeff Johnson and Martin Reid have been named to the board.” (Retail Dive)
  3. More Awareness Than Preparedness: CRE Falls Behind On Flood Resiliency As Risk Rises “Rather than relying on static flood zone maps that haven't been updated in decades, the new system purports to evaluate property risk for individual structures and parcels by including such variables as flood frequency, distance to a water source and property characteristics, such as the cost to rebuild.” (Bisnow)
  4. The CEO of a logistics startup took a boat tour of the Port of Long Beach and found a lot of things wrong, including terminals 'simply overflowing with containers' “As part of the temporary order, the City of Long Beach is allowing up to four containers to be stacked at one time, up from two under standard policy. In some cases, five containers can be stacked if a property is granted permission from the city's fire prevention department.” (Insider)
  5. Real estate powers Blackstone’s best quarter ever “A look at the firm’s assets under management shows real estate investment grew to $230 billion — the highest percentage increase among Blackstone’s segments, which include private equity, hedge fund solutions and credit and insurance.” (The Real Deal)
  6. The New Billionaire Tax in Democrats’ Sights “Billionaires could be taxed on unrealized capital gains on their liquid assets, Democratic officials said yesterday. It would affect people with $1 billion in assets or those who have reported at least $100 million in income for three consecutive years, according to news reports.”  (The New York Times)
  7. China’s debt-ridden Evergrande resumes work on more than 10 property projects “On Sunday, it said in a post on its Wechat account that some of the projects it had resumed work on had entered the interior decoration stage while other buildings had recently finished construction. Evergrande added that its efforts to guarantee construction would shore up market confidence and included several photos of construction workers on different projects, stamped with the time and date.” (CNBC)
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