• 11 for Tuesday

    Stephen SchwarzmanRoy Rochlin/Getty Images

    11 Must Reads for the CRE Industry Today (June 23, 2020)

    Blackstone's Stephen Schwarzman predicts a V-shaped recovery this summer, reports Bloomberg. Many companies kept office workers at home as New York City entered phase 2 of reopening, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.
    1. Blackstone CEO Stephen Schwarzman Forecasts 'Big V' Economic Recovery This Summer “The economy's turnaround from coronavirus-addled lows will arrive in the form of a steep V-shaped rebound, Blackstone CEO Stephen Schwarzman said Monday.” (Bloomberg)
    2. New Yorkers Can Now Go Back to Offices, But Many Won’t “Even as offices across New York City were allowed to welcome back employees on Monday for the first time in months, the number of those returning to work was far lower than the swarms that once jostled elbows on public transit and packed into high-rise elevators.” (The New York Times)
    3. JLL's CFO to Leave Company After About 15 Months in the Role “Jones Lang LaSalle Inc. JLL, -1.69% said Chief Financial Officer Stephanie Plaines has decided to leave the company for "personal reasons," after 15 months in the role.” (MarketWatch)
    4. The Future of Nursing Homes in the Post-COVID-19 Era “The Kirkland Life Care Center is a nursing home northeast of Seattle, Washington. What have we learned from Kirkland and nursing homes around the country?” (The Street)
    5. Coronavirus Changed Everything. Except T.J. Maxx “The coronavirus pandemic ushered in a surge in online shopping, and most retailers are scrambling to adapt. Not T.J. Maxx.” (Wall Street Journal, subscription required)
    6. SF to Sell Housing Site for Bargain-Basement Price “The San Francisco Public Utilities Commission is preparing to sell the 16-acre Balboa Reservoir property to a private development group for $11.4 million, a bargain-basement price that has become the latest point of contention in the long-simmering dispute over city plans to build 1,100 housing units there.” (San Francisco Chronicle, subscription required)
    7. UBS Says One-Third of Staff Could Permanently Work Remotely “UBS Group AG may never bring all of its employees back to the office in a post-Covid-19 environment.” (Bloomberg)
    8. PREIT Reports Non-Anchor Occupancy at 85% Across Its Re-Opened Malls “One of America’s biggest mall owners is back in business with a great majority of its tenants at their registers.” (Chain Store Age)
    9. Hazel Goldman: Lockdowns Spark ‘Paradigm Shift’ to Close-to-Home Offices “From my perspective as a longtime Miami real estate agent, however, one glaring trend has become apparent, and this observation represents a major paradigm shift in the way professional people will be working and choosing their homes for some time.” (Miami Herald)
    10. Manhattan Coworking Firm The Assemblage Abruptly Shuts Down “The upscale, wellness-focused coworking firm The Assemblage abruptly ceased operations at all three of its Manhattan locations last Friday, Commercial Observer has learned.” (Commercial Observer)
    11. Massachusetts Officials Cut Water and Power to a Gym that Refused to Obey the Coronavirus Shutdown “Water and power has been shut off at a Massachusetts gym after its owner refused state shutdown orders for almost five weeks, The Boston Globe reported.” (Business Insider)