- CES Still On, Davos Postponed: Conventions Industry Rebound in Doubt amid Omicron “It sounds like a flashback to March 2020. The highly contagious omicron variant is driving a surge of coronavirus infections. In New York, the wave is particularly pronounced, with a seven-day average of new Covid-19 cases nearly doubling over the past week, according to a CNBC analysis of Johns Hopkins University data.” (CNBC)
- Proptech Shatters Investment Record With $32B VC Haul In 2021 “These figures reflect a maturing sector and market; CRETI noted that more venture capital investments are moving to mid- and late-stage firms than in previous years, and numerous SPAC mergers — such as Latch and View's go-public deals — and major acquisitions took place, suggesting more certainty and bigger players entering the fray.” (Bisnow)
- In Louisville, Hub of E-Commerce, Businesses Duel for Workers “One key contributor to the region’s labor market recovery is United Parcel Service Inc.’s Worldport, among the largest air cargo facilities in the U.S. The company says it employs more than 25,000 people in the area, about the same as at the end of 2019, but they are paid more and working more hours than before the pandemic. The company also estimates its activities support at least another 35,000 jobs in the region, for example at grocers, auto dealers and other retailers.” (The Wall Street Journal)
- Another Surge in the Virus Has Colleges Fearing a Mental Health Crisis “Colleges across the country are facing a mental health crisis, driven in part by the pandemic. After almost two years of remote schooling, restricted gatherings and constant testing, many students are anxious, socially isolated, depressed — and overwhelming mental health centers. At a few institutions, there has been a troubling spate of suicides.” (The New York Times)
- Danny Meyer’s Union Square Hospitality Group to require boosters for workers, diners “The decision comes amid another surge in Covid-19 cases, driven largely by the highly contagious omicron variant. This new coronavirus strain has show an ability to infect even those who have been vaccinated, but current data suggests immunized people, especially those who have received booster shots, are at far less risk of hospitalization or death.” (CNBC)
- Maersk Buys Asian Warehouse Giant LF Logistics for $3.6 Billion “By acquiring LF Logistics, an arm of Hong Kong supply-chain manager Li & Fung Ltd., Maersk gains control of a network of 223 distribution centers across Asia and more than 250 customers globally, according to LF’s website. LF also provides freight forwarding services for retailers, manufacturers and other cargo owners. The Wall Street Journal had previously reported a deal was near.” (The Wall Street Journal)
- Wells Fargo Indefinitely Postpones Return to Office “The San Francisco-based giant, which has about 275,000 total employees, is the largest bank operating in the Austin market, where it employs more than 600. ‘We are continuing to closely monitor the environment with the health and wellbeing of our employees as our priority,’ Wells said in a statement. ‘We look forward to fully returning our teams back to the office.’” (Austin Business Journal)
- S.F. Has a Slew of Mega Housing Projects on Track for 2022. Here’s What it Could Mean for the City “Even as smaller projects are stuck in limbo due to market uncertainties and astronomical construction costs, the city’s colossal multi-phased projects like those at Treasure Island, Mission Rock, Pier 70 and Power Station will steam full speed ahead. Streets are being laid out, sidewalks poured, trees planted, streetlights installed and buildings are sprouting from the ground.” (San Francisco Chronicle)
- New York City Chain Stores Make Slow Pandemic Comeback “After 12.8 percent of New York City chain stores shuttered in 2020, hitting a 12-year high, there was a 2.8 percent increase in chain retailers in 2021. This year was the first one since 2017 that the city gained chain store locations on a net basis, rather than losing them.” (Commercial Observer)
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