Seven Must Reads for the CRE Industry Today (March 5, 2021)

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  1. As Online Shopping Surged, Amazon Planned its New York Takeover “Amazon has spent the pandemic embarking on a warehouse shopping spree in New York, significantly expanding its footprint in the biggest and most lucrative market in the country. It has snatched up at least nine new warehouses in the city, including a 1 million-plus square foot behemoth rising in Queens that will be its largest in New York, and today has at least 12 warehouses in the five boroughs.” (The New York Times)
  2. CoStar Group Withdraws Bid to Acquire CoreLogic “CoStar Group believes rising interest rates will negatively impact the outlook for the mortgage refinancing market. Accordingly, these rising interest rates have caused valuations for residential property technology companies to decline significantly in recent weeks, which has changed CoStar’s view of the value of CoreLogic.” (Via press release)
  3. Everyone Sees ESG Investing Differently, But They All Want to Buy “For fund giant BlackRock, stocks in companies that respect the climate ought to be more expensive but aren’t, so there is money to be made as valuations rise. For DWS, Germany’s biggest fund manager, companies with positive environmental, social and governance characteristics are already expensive, but will be a good investment because they will have more cash flow for buybacks. Amundi, Europe’s biggest manager, thinks both that positive-ESG stocks are more expensive but also that they deserve to be more expensive still.” (Wall Street Journal)
  4. Heavily Shorted Tanger Outlet Stock Pops 20% in Sudden Move “Shares of Tanger Factory Outlet Centers surged 20% in early trading on Thursday, becoming the latest heavily shorted stock to make a rapid move higher this year. The retail stock could be following in the footsteps of other names with large bets against them, including GameStop and, more recently, Rocket Companies.” (CNBC)
  5. Mack-Cali Realty Names CEO “Mack-Cali Realty Corp.’s board of directors has named Mahbod Nia as the new CEO of the company, effective March 8. Nia will succeed interim CEO MaryAnne Gilmartin, who will step down from her provisional role and serve as special advisor in the transfer of responsibilities. Additionally, the board appointed Lead Independent Director Tammy Jones as chair, also replacing Gilmartin.” (Commercial Property Executive)
  6. Universal Studios Hollywood to Reopen with a Food and Shopping Event “Nearly a year after it closed because of the pandemic, Universal Studios Hollywood plans to reopen on weekends to let fans buy food, shop and wander throughout most of the 415-acre park that celebrates moviemaking. The theme park plans to rehire several hundred workers who were previously furloughed to staff the event.” (Los Angeles Times)
  7. Q1 Survey: Commercial Real Estate Executives Express Optimism About Current and Future Market Conditions “Commercial real estate industry leaders continue to acknowledge the effects of the COVID-19 pandemic on various asset classes, while expressing increased optimism for both current and future market conditions for the remainder of 2021, according to The Real Estate Roundtable's Q1 2021 Economic Sentiment Survey released today. The report outlined the potential for growth for the industrial and multifamily sectors, while hospitality and retail continue to face challenges due to government restrictions and health guidelines.” (PR Newswire)

https://www.wealthmanagement.com/cre-wire/seven-must-reads-cre-industry-today-march-5-2021


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