• Interesting Commercial News for Today

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

    Restaurant companies with locations in multiple states struggle to navigate rules to reopen, reports the Wall Street Journal. A third of America’s malls are shutting down permanently by 2021, according to CNBC. These are today’s must reads from around the commercial real estate industry.
     
    1. Restaurants Parse Extensive and Conflicting Guidance as They Reopen “Big restaurant companies with eateries in a number of states are struggling to navigate a thicket of rules as they seek to reopen dining rooms closed by the coronavirus pandemic.” (Wall Street Journal, subscription required)
    2. Farewell to Gummy Bear Jars: Tech Offices Get a Virus Safety Makeover “Companies like Salesforce created workplaces with all the comforts of home. But now they may feel more like hospitals.” (New York Times)
    3. Zara to Close 1,200 Stores as It Outlines Post-Coronavirus Future “Zara-owner Inditex SA ITX 1.91% said it is permanently closing as many as 1,200 stores—16% of its global outlets—and will pivot more aggressively toward selling online, as the fast-fashion giant maps out its post-pandemic future.” (Wall Street Journal, subscription required)
    4. San Francisco Passes Sweeping Pandemic-Related Eviction Ban “Landlords will be permanently barred from evicting tenants if they can’t pay rent due to coronavirus-related issues, like job loss or getting sick from the virus, under legislation passed by the Board of Supervisors Tuesday.” (San Francisco Chronicle)
    5. A Third of America’s Malls Will Disappear by Next Year, Says Ex-Department Store Exec “A third of America’s malls are going to shut permanently by 2021, according to one former department store executive, as their demise is accelerated due to the coronavirus pandemic.” (CNBC)
    6. How Safe Office Reopening Strategies Are Reshaping Leases “As businesses nationwide pursue phased reopening, a key issue for commercial real estate owners and managers is how to safely resume the use of office space.” (Commercial Property Executive)
    7. Signet Closing 380 Stores This Year as Sales Are Hit by COVID-19 “Signet Jewelers won’t reopen 230 stores it closed due to COVID-19 and then plans to close another 150 stores this year, executives said in a conference call held Tuesday.” (JCK)
    8. A Roadmap for CRE Fund Managers Looking for Buying Opportunities “Real estate fund managers have three strategies to consider in responding to changing market dynamics.” (GlobeSt.com)