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Six Must Reads for the CRE Industry Today (Sept. 14, 2021)

Publicly-traded proptech companies are thriving, reports The Real Deal. Electric vehicle makers are building new factories and leading to economic booms in some towns, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.

  1. Vaccine Mandates Crash into America’s ‘Don’t Tell Me What To Do’ StateWithin days of Las Vegas’ official reopening in early June, Covid case numbers had begun trending up, and within weeks some events around the city were getting canceled. Once Las Vegas reached the highest infection rate in the country among major metropolitan areas, and once 13 cast and crew members at a local hotel tested positive for the virus, Jaynes shut the union hall doors again — 11 days after reopening them.” (Politico)
  2. Carried Interest Might Finally Die, But It Still Has Powerful Friends “The end of carried interest might be in the reconciliation bill mulled by Congress.” (Bisnow)
  3. Public Proptech Company Revenues Up 71% as M&A Surges “The publicly traded proptech sector is getting larger, more active and more crowded. It’s also generating a lot more cash than it used to. Public proptech firms pulled in an estimated $13.5 billion in revenue in the second quarter, according to a report released last week by the investment bank Keefe Bruyette & Woods. That’s up 71 percent from the period last year, when shutdowns halted much of the U.S. economy, but also up 61 percent over the same period in 2019.” (The Real Deal)
  4. Gap Inc. Invests Over $100 Million in Supply Chain Infrastructure “Gap Inc. has expanded its fulfillment capabilities in time to meet increased holiday demand. The specialty apparel retailer has completed the expansion of its fulfillment centers in Phoenix, Ariz. and Gallatin, Tenn.  Gap focused the $100 million-plus investment on increasing speed, flexibility and efficiency at the two centers.” (Chain Store Age)
  5. Eric Adams’ Approach to Real Estate as Mayor? See His Borough Presidency “Development and neighborhood rezonings — one of the few areas within a borough president’s purview — continued at a brisk pace on Adams’ watch. But he took more of an ad hoc approach to proposals compared with Markowitz’s carte blanche approvals. ‘His questions are, ‘How will these projects help the underserved residents of the borough?’ said David Lombino, Brooklyn-based Two Trees Management’s external affairs director and a supporter of, and donor to, Adams.” (Commercial Observer)
  6. Can a Green Economy Boom Town Be Built to Last? “In recent years, makers of electric vehicles and their components, like Tesla, Lucid Motors and Lordstown Motors, have collectively spent billions building or renovating factories in Nevada, Texas, Arizona and Ohio. The challenges are enormous, given that few of these companies have brought a vehicle to market. But if some succeed, the impact could be many times greater than the thousands of manufacturing jobs they create directly.” (The New York Times)
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