- What the Historic U.S. Climate Bill Could Mean for the Real Estate Industry “Over the weekend, the Senate passed the Inflation Reduction Act of 2022, which now heads to the House of Representatives. The bill aims to reduce U.S. greenhouse gas emissions by 40 percent by 2030. It also holds the potential to transform the built environment—but experts say that depends on how much state and local governments work with the private and nonprofit sectors to use the federal investments as a catalyst.” (Urban Land Institute)
- Yardi: Office-to-Multifamily Conversions Post Cost, Logistical Challenges “Conversions of office buildings to apartments — an ostensible solution both to housing undersupply and vacant office space — have proven difficult and costly for developers, according to an observation in Yardi Matrix’s July 2022 National Office Report. The most prominent logistical challenge in apartment conversions is the large floor plates in office space, which limit natural light exposure in individual units and reduce the number of units available on a given floor. Utility requirements and ceiling heights add additional costs to redevelopment, the report said.” (Multifamily Dive)
- Why the Single-Tenant Net Lease Sector Could Be Past its Peak “Based on its second-quarter performance, the single-tenant net lease sector is likely somewhat past its peak for this market cycle, according to a second-quarter market snapshot from Stan Johnson Co. But the true picture will probably not be revealed for another quarter or two. Lanie Beck, SJC’s director of corporate research, marketing and communications, writes: ‘It’s almost certain that we’ll look back and identify fourth quarter 2021 as the true peak of this cycle.’” (Commercial Property Executive)
- NewPoint, Morgan Properties Launch $1B Affordable Housing Fund “NewPoint Real Estate Capital and Morgan Properties have joined forces to offer a suite of products aimed at filling in gaps in the current array of affordable housing finance products. The platform of products they have developed is called NewPoint Impact and it pairs private capital with government-subsidized products to address current needs in this ecosystem, such as new construction or renovation before a project is stabilized, or a bridge to syndication for a tax credit.” (GlobeSt.com)
- Amazon Expands Cashierless Grocery Store Format “Amazon is reaching a major milestone in the development of its Amazon Fresh high-tech grocery store concept. The retail giant has opened its 40th Amazon Fresh store, in Thousand Oaks, Calif. Amazon Fresh stores are designed from the ground up to offer a seamless shopping experience, with extra features for members of the Amazon Prime paid loyalty program.” (Chain Store Age)
- $15 French Fries and $18 Sandwiches: Inflation Hits New York “While rent and the cost of Uber trips have reached eye-popping levels, rising food prices are among the most painful results of inflation. In May, food prices in the New York City area rose at their fastest annual pace since 1981, according to the Bureau of Labor Statistics. The effects have been especially visible throughout the city — everybody has to eat. The increase slowed in June, the most recent inflation report showed, but food prices were still 9.1 percent higher than a year earlier in New York and 10.4 percent higher nationwide.” (The New York Times)
- Shake Shack Is the Latest Victim of the Slow Office Return “Analysts expected the company would see Q2 revenue hit $238.4M, but Shake Shack reported $230.8M, attributing the miss to lagging lunchtime traffic in cities.” (Bisnow)
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