- Free Pizza Didn’t Get Employees Back to the Office, but Air Conditioning Will “Some are finding creative ways to cope. And those who have the option to toil from home are sometimes choosing to go into the office because there’s air-conditioning there. Free pizza hasn’t worked. But companies may finally have something that will blast employees back to the workplace—central air.” (The Wall Street Journal)
- Credit Suisse delays real estate fund's float due to market turbulence “Credit Suisse has postponed the initial public offering of its 1a Immo PK real estate fund, the bank said on Wednesday, citing current market turbulence.” (Reuters)
- Commercial Real Estate Has an Equity Problem “The racial homeownership gap has received considerable attention, and rightly so: At 42%, the Black homeownership rate is about 30 percentage points lower than that of whites. However, the gap in commercial-property ownership is just as disturbing. Only 3% of Black households own commercial real estate, compared with 8% of white households, and their holdings are much smaller — valued at just $3,600 on average, compared with nearly $34,000 for white households.” (Bloomberg)
- Biden Nominates GFP Chairman Jeffrey Gural As Chair Of Public Buildings Reform Board “President Joe Biden has nominated GFP Real Estate Chairman Jeffrey R. Gural to lead a steering board tasked with selling underutilized properties owned by the federal government.” (Bisnow)
- Starbucks returning CEO Schultz is giving staff active shooter training and shuttering 16 stores after employee safety complaints “Starbucks is also rolling out a number of new safety measures like giving store managers leeway to close restrooms, limit seating, reduce operations, and even change store layouts in response to safety concerns. In addition, Starbucks will also provide guidance to baristas on how to deal with an active shooter scenario and lessons on conflict de-escalation.” (Fortune)
- Hotel Rooms Are Costing More, but Don’t Expect Better Service “The average daily hotel rate in the 28 days ending July 2 was up about 17%, compared with the same period in 2019, according to hospitality data and analytics company STR. The average daily rate for a midscale hotel during this period was about $119, up from about $103 during the comparable period in 2019, the data show.” (The Wall Street Journal)
- Multifamily Continues to Lead NYC Investment Sales Growth “The latest preliminary numbers from Ariel Property Advisors show that $22 billion was spent on office, retail, industrial and residential assets in the first half of 2022, the third-highest level since 2016 and in line, but slightly down, from the $22.6 billion in volume seen in the second half of 2021. The first half of 2021 only saw $7.8 in investment sales.” (Commercial Observer)
- Macerich welcomes a spate of new entertainment tenants “Over the past months, other entertainment tenants moving into large spaces at Macerich properties in California have included Dave & Busters at Vintage Faire in Modesto and Xlanes at Fashion Fair in Fresno. Pinstripes is set to open at Broadway Plaza in the East Bay community of Walnut Creek.” (Chain Store Age)
- Are New Credit Concerns Coming to Multifamily? “Credit washing, which is defined as a systematic cleansing of an applicant’s negative tradelines by claiming identity theft on all accounts, is a big business. But it’s not limited to the type of hectoring alleged by the FTC in the Miller case.” (Multi-Housing News)
- Check out Walmart's new fleet of electric delivery vans “In a bid to shore up its online delivery capabilities, Walmart has bought a fleet of 4,500 electric delivery vehicles from electric vehicle startup Canoo. The retail giant has an option to buy as many as 10,000 of the pill-shaped vans.” (Insider)
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