Eight Must Reads for the CRE Industry Today (Aug. 2, 2022)

#Lifestyle Wealth

  1. Why It’s So Hard to Find an Affordable Apartment in New York “A half a century ago, city planners warned that New York had the potential to swell into a ‘monster city’ of 55 million people. To avoid this fate, the city passed a major overhaul of zoning rules in 1961, limiting the size of buildings and how many people could live in them. Now, a longstanding housing shortage, partly fueled by those old constraints, is inflaming a crisis in affordability.” (The New York Times)
  2. Where the Fight Over a Return to the Office Is Over and the Office Won “The competition for parking space is getting steeper. Commutes are inching longer. Workplace lounges are filling up with commotion as junior associates play cornhole. What return-to-office debate? In some parts of the country, it’s been settled. ‘I know almost nobody in Columbus who is fully remote,’ said Grant Blosser, 35, who works at a financial services firm.” (The New York Times)
  3. Commercial Real Estate Attorneys Drag Deals Over a Hump in a Bear Market “As deal volume slows dramatically amid interest rate hikes and other disruptions, commercial real estate lawyers find themselves busier than usual finding financing sources and doable timelines for their clients. It’s a fraught environment. Many clients are pausing deals, or even walking away from some altogether, as sponsors contend with higher borrowing costs brought on by higher interest rates.” (Commercial Observer)
  4. Dollar Store Dinners and Vats of Shampoo Help Families Cope with High Prices “More Americans are embracing frugality as they face rising prices at every turn. With energy costs up 41.6% and groceries 12.2% more expensive than they were last year, according to June’s Consumer Price Index, many families say that skipping vacations and restaurant meals is no longer enough. They are now finding ways to cut costs on essentials. One way they are doing so is by relying more on dollar and discount stores for groceries. Average spending on grocery products at discount chains increased 71% from October 2021 to June 2022, according to analytics firm InMarket.” (The Wall Street Journal)
  5. New Terravet REIT Drives Momentum for Veterinary Real Estate “Terravet Real Estate Solutions, a landlord specializing in veterinary practice real estate, has launched a private real estate investment trust (REIT) focused on capitalizing on recent growth in the pet care industry. The real estate group announced its new Terravet REIT early Monday, aimed at arming owners of veterinary real estate with an opportunity to diversify their holdings from a pool expected to include hundreds of large general practice facilities and specialty/emergency veterinary hospital facilities nationwide.” (Commercial Observer)
  6. Senate Bill Will Revive Funding for Low-Carbon Construction “The Inflation Reduction Act of 2022 could funnel billions into reducing carbon emissions. But it has some hurdles to clear first.” (Bisnow)
  7. Amazon Launched Same-Day Delivery for Some Retail Brands “To start, Amazon is offering same-day delivery from apparel brands PacSun, Diesel, and Superdry, as well as vitamin retailer GNC, in 10 cities across the U.S. The service is free for Prime members when they spend $25 or more, or $2.99 if they spend less than $25, Amazon said. Some of the participating retailers also give shoppers the option to order items online and pick them up at the store.” (CNBC)
  8. Amazon: We’ll Spend More on Data Centers, Less on Warehouses “In a relatively brief Q2 earnings call, CFO Brian Olsavsky said Amazon had slowed plans to expand operations through next year and is shifting the focus of capital expenditures towards expanding the technology infrastructure of its world-leading Amazon Web Services cloud-computing platform and away from its retail business, including the company’s e-commerce logistics network. ‘We expect [technology] infrastructure to represent a bit more than half of our total capital investments in 2022. We expect the fulfillment and transportation dollars spent on capital projects to be lower in 2022 versus the prior year,’ Olsavsky said during the earnings call.” (GlobeSt.com)



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