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Seven Must Reads for the CRE Industry Today (Sept. 19, 2020)

Economic hardships caused by the pandemic are likely to lead to forced house sales and new renters, according to the Wall Street Journal. BlackRock CEO says having more than a quarter of employees managing the firm’s $7.4 trillion in assets from their basements and bedrooms could have a deleterious effect on BlackRock, reports The New York Post. These are among today’s must reads from around the commercial real estate industry.

  1. Millions Are House-Rich but Cash-Poor. Wall Street Landlords Are Ready. “Hardships caused by the coronavirus pandemic are likely to force a lot of sales and create new renters.” (Wall Street Journal)
  2. How Biden Might Alter Tax Rules, From Nonprofits to Opportunity Zones “Democrat is likely to crack down on tax avoidance by wealthy individuals.” (Wall Street Journal)
  3. Empire State Building’s Take on Pandemic Encumbrances “ESRT’s Anthony Malkin talks about COVID-19’s impacts on the firm's portfolio, with a focus on the iconic New York City high-rise.” (Commercial Property Executive)
  4. Why BlackRock’s Larry Fink Isn’t Happy about the Work-from-Home Trend “The coronavirus will likely leave a permanent mark on the world’s largest asset management company, and CEO Larry Fink isn’t thrilled about it.” (New York Post)
  5. Norway Wealth Fund to Replace Real Estate Chief in Reshuffle “Norway’s $1.15 trillion sovereign wealth fund is replacing its head of real estate investments as part of an upcoming management reshuffle, it said on Friday.” (Reuters)
  6. Retail-to-Logistics Conversions Won’t Be Quick or Easy: Prologis “The report also questions whether shopping center owners will want to forego retail rents for lower industrial rates.” (Commercial Property Executive)
  7. Party Like It’s 2019! Brokers Have Cracked and Started Going to Events Again “Broker events, a staple of the handshake-heavy real estate business, were put on indefinite hiatus when New York City shut down in March.” (Commercial Observer)
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