- CRE HR Leaders Predict Robust 2022 Hiring, Not Great Resignation Angst “In terms of jobs, compensation, even additional benefits, 2022 is likely to build on a strong 2021, according to survey respondents. More than half of firms expect to hire more this year, with roughly 38% expecting the same numbers as 2021, a similar breakdown as the previous year. When asked if they hired more in 2021 than 2020, 54.6% said yes, with 23.1% noting it stayed consistent.” (Bisnow)
- Prologis report continues to highlight myriad challenges for industrial real estate market occupiers “Prologis defines the IBI as a quarterly survey of customer sentiment focused on customer activity in warehousing. The fourth quarter IBI reading came in at 66.8 (a reading of 50 or higher indicates growth is occurring), continuing a strong run of readings, with the first, second, and third quarter readings, coming in at 66, 71, and 66, respectively.” (Logistics Management)
- A Look at the Fierce Competition for Drive-Thru Real Estate “Numerous companies have been pushing more drive-thru expansion, given the lanes’ importance to restaurant sales at the moment. That includes traditional fast-food chains like Del Taco and Jack in the Box. But companies like Chipotle and Starbucks are getting more aggressive in seeking out such sites.” (Restaurant Business)
- Small towns fuel Chipotle Mexican Grill’s ambitious North American expansion plans “In 2022, the chain is planning on opening 235 to 250 new locations. Starting in 2023, it thinks it can accelerate its pace of new units to a range of 8% to 10% a year, citing improving returns on the money it’s investing. More than 80% of the new restaurants will include ‘Chipotlanes,’ the drive-thru lanes dedicated to picking up only digital orders.” (CNBC)
- Fortune or forfeiture: real estate lending in the cannabis space “When an MRB faces financial distress, a mortgage lender's ability to recover will depend not only on the value of real property, but also on applicable cannabis laws, at the state, local and federal levels. Improper structuring or failing to anticipate challenges could result in collateral forfeiture and even liability for supporting an MRB's operations.” (Reuters)
- Dropping Indoor Mask Mandate, New York Joins Blue States Easing Covid Rules “Gov. Kathy Hochul will drop New York’s stringent indoor mask mandate on Wednesday, ending a requirement that businesses ask customers for proof of full vaccination or require mask wearing at all times, and marking a turning point in the state’s coronavirus response, according to three people briefed on her decision.” (The New York Times)
- Real Estate Tokenization Promises to Democratize CRE Investing “Tokenization of real estate is promising to inject new liquidity into real estate properties while making transactions more transparent and trackable, giving auditors a higher degree of confidence in data accuracy than conventional property deals. Tokenization also has the potential to drive down transaction costs, with digital ‘smart contracts’ replacing piles of paperwork.” (GlobeSt.com)
- NYC Likely to Require Outdoor Dining Sheds to Come Down ‘Post-Covid’ “Under the new proposal, not all outdoor dining would be affected: umbrellas and other barrier set-ups that are not considered full, house-like structures would still be permitted. Current restaurant sheds would not be grandfathered in under the DOT’s plan, Schipper added. The city council has yet to vote on the bill, but should it pass, it is still unclear when the policy would be enforced.” (Eater)
- A Savvy Real Estate Operator on Where to Invest Now “Carly Tripp grew up playing in corn fields in Olney, Md., about 30 miles outside of Washington, D.C. But by the time she graduated high school, five grocery stores had popped up within a one-mile radius, turning the town into a bustling suburb—the type of development she now tries to spot early, as a real estate investor. (Barron’s)
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