- Retailers and Landlords Clash Over What Counts as a Sale “With e-commerce soaring, some landlords want to include a portion of online sales in the new leases, arguing that physical stores play an important role in many of these transactions. Retailers are pushing back, according to landlords, real-estate brokers and retail executives.” (The Wall Street Journal)
- Old Golf Courses Are Being Turned Into E-Commerce Warehouses “As investors hunt for industrial properties tethered to e-commerce, developers are buying golf courses and converting them into space for warehouses. A languishing course is often the largest tract of unbuilt land for miles around, and there are plenty of them.” (Bloomberg Business Week)
- Covid cases could spike if eviction ban is allowed to lapse, experts warn “Researchers found that allowing evictions to continue in these states caused as many as 433,700 excess cases of Covid-19 and 10,700 additional deaths in the U.S. between March and September, before the CDC ban went into effect nationwide.” (CNBC)
- Special Report: How to Make Money from Distressed Real Estate in 2021 “The Federal Reserve, in its semi-annual report to Congress, expressed concern that distressed commercial properties were about to run into significant trouble. For now, prices have dropped, but high vacancy rates thus far haven’t registered a significant impact.” (Chief Investment Officer)
- Support Grows for State Bill to Convert Distressed Commercial Properties into Affordable Housing “The ‘Housing Our Neighbors with Dignity Act,’ or HONDA, would create a program for the state to acquire distressed commercial properties and transfer them to affordable housing developers to convert and operate. Supporters, which include housing advocates and developers alike, say the proposal would harness usable real estate left vacant or underutilized by the pandemic and economic crisis and put it toward housing tens of thousands of homeless New Yorkers and the exceedingly large number of housing-insecure residents.” (Gotham Gazette)
- Bucking the Pandemic, Austin Is ‘the Hottest Market in the Country’ “The economic impact of the pandemic resulted in a net loss of 33,400 jobs in the Austin metropolitan area in 2020, according to the Austin Chamber of Commerce, but the influx of new companies helped Austin sustain the blow better than most other cities. A record 22,114 new jobs were attributed to businesses either expanding in Austin or moving to the city in 2020, compared with 13,562 in 2019, the chamber said.” (The New York Times)
- Israeli Bond Proposal Threatens to Curb Borrowing by U.S. Real-Estate Firms “About 30 U.S. real-estate companies have raised more than 18 billion shekels, or $5.5 billion, in the Israeli bond market in the past decade, according to analysts. While the Israeli market has been open since 2008 to all foreign issuers, private U.S. real-estate companies have used it the most.” (The Wall Street Journal)
- Return to the office? It’s happening, but at a different pace for every company “The good news is that Milwaukee and its suburbs have proven resilient during these challenging times. Yes, leasing activity has slowed. Retailers have struggled. And offices in the city’s CBD largely remain quiet. But the real estate pros working this market say that the market has survived. And the rest of the year looks brighter.” (REJournals.com)
- 'Dystopian nightmare' state of downtown scares off investors, Seattle broker says “Dave Speers of Kidder Mathews says investors and developers who used to view Seattle very favorably now see it as risky. His listing for a Belltown development site just sold for 31% below the asking price, hurt by the conditions downtown, he says.” (Puget Sound Business Journal)
- New details emerge for $2.5B mixed-use development at Navy Yard “In an agreement with PIDC, the development team plans to focus its first phase of new construction on two life sciences buildings.” (Philadelphia Business Journal)
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