- NMHC Rent Payment Tracker Finds 79.3 Percent of Apartment Households Paid Rent as of August 6 "The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 79.3 percent of apartment households made a full or partial rent payment by August 6 in its survey of 11.4 million units of professionally managed apartment units across the country." (NMHC)
- C.D.C. Closes Some Offices Over Bacteria Discovery “Recently, the Centers for Disease Control and Prevention told employees that some office space it leases in the Atlanta area would be closed again after property managers of the buildings discovered Legionella, the bacteria that causes Legionnaires’ disease, in water sources at the sites. No employees were sickened.” (The New York Times)
- CRE Diversity’s Supply-And-Demand Problem “Collete English Dixon, is executive director of the Marshall Bennett Institute of Real Estate at Roosevelt University, a graduate program at a university with one of the most diverse student pools in the country. For Dixon, the real estate industry needs to do a better job of explaining what it does, and it needs to grab the attention of young people earlier: by the time they are in college it is already a bit late in the day.” (Bisnow)
- Amazon and Mall Operator Look at Turning Sears, J.C. Penney Stores Into Fulfillment Centers “Simon Property Group Inc. has been exploring with Amazon the possibility of turning some of the property owner’s anchor department stores into Amazon distribution hubs, according to people familiar with the matter. Amazon typically uses these warehouses to store everything from books and sweaters to kitchenware and electronics until delivery to local customers.” (WSJ)
- Ventas, CareTrust REIT hope for COVID aid for senior living “Ventas and CareTrust REIT executives said Friday they are hopeful that senior living operators will receive assistance to battle the coronavirus in the next federal aid package.” (McKnight’s Senior Living)
- People do strange things in doorways: Density watches the office as employees come back “Density designs and builds small metal boxes packed with sensors and chips and software that sit over a doorway. The infrared sensors pass data to machine learning algorithms that tell how many people are coming into or out of a room. Based on that information, a company knows what a room's occupancy is and can plan for how many people to allow back into a facility.” (ZDNet)
- CRE Private-Equity Fundraising Shrivels Under Coronavirus “The new coronavirus has stalled the growth of commercial real estate in North America in the first half of 2020, according to a report by Preqin. According to the report, private real estate equity fundraising reached a peak in 2019 with approximately $83 billion in 2019. The report shows that number was on track to match in 2020, however by June only $23 billion has been raised in the sector.” (GlobeSt.com)
- Hong Kong crisis deals $7.7 billion blow to property tycoons “At Peter Woo’s Wharf Real Estate Investment Co., retail rental income plunged by almost a third in the first half of the year, leading to a loss and a HK$7.4 billion ($955 million) hit to its portfolio. Revenue from Hong Kong property sales at Li Ka-shing’s CK Asset Holdings Ltd. slumped by more than 60%.” (Hindustan Times)
- How Can Multifamily Investors Plan for an Uncertain Future? “We spoke with John Loper, an associate professor of real estate at the University of Southern California's Price School of Public Policy and president of Palm Tree Communities Consulting Inc. Drawing on his more than 25 years of real estate development experience, Loper shared insights into how commercial real estate investors and developers can adapt to the changing economic climate.” (Greystone)
- Investors bullish on Beijing's office realty market “Investment activity in Beijing's office market stayed strong in the second quarter despite the COVID-19 challenge, according to property industry data. Buoyed by the second-quarter activity, total first-half investment rose to more than 27 billion yuan ($3.86 billion), according to JLL Beijing's Second Quarter Property Market Review report by Jones Lang LaSalle Inc.” (ChinaDaily.com)
- Twin Cities developers push back on mandated storefronts in apartment buildings “With rising commercial vacancy rates in the Twin Cities, developers are imploring city planners to let them build more apartment units on the street level where commercial space is now required. While planning departments try to make cities more livable with such mixed-use projects, developers argue vacant commercial space increases rents at a time when renters can least afford it.” (StarTribune)
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