1. Labor Shortage Stymies Construction Work as $1 Trillion Infrastructure Spending Kicks In “Historically low U.S. unemployment, the economic rebound from Covid-19 and about $600 billion in transportation-specific funding expected from the roughly $1 trillion bipartisan infrastructure law have combined to exacerbate existing employee shortages in the construction industry.” (The Wall Street Journal)
  2. Starbucks Executive, Prominent in Push Against Union Drive, Will Leave “Starbucks said Friday that an executive who played a key role in the company’s response to a growing union campaign would leave by the end of the month. In a letter to employees, whom Starbucks calls “partners,” the company’s chief operating officer said that Rossann Williams, the president of retail for North America, would be leaving after 17 years at the company.” (The New York Times)
  3. US Office Sales Cross $35B for the Year “The U.S. saw $35.3 billion in office transactions in 2022 by the end of May for an average of about $274 per square foot, according to a new report tracking major office markets by Commercial Edge, citing data from Yardi Matrix on office buildings larger than 25,000 square feet. There were about $8.6 billion in sales for the month.” (Commercial Observer)
  4. Retailers’ Inventories Pile Up as Lead Times Grow “The supply-chain delays of the past few years inadvertently allowed retailers to sell down excess stock and reduce discounts as they raced to keep pace with soaring demand. They vowed not to return to the pattern of overbuying and discounting that had plagued the industry before the pandemic.” (The Wall Street Journal)
  5. Housing Policies of Democratic Hopefuls for DC Mayor “But critics say she had eight years to improve affordability, but the opposite has happened. In addition, during her tenure, D.C.’s Department of Housing and Community Development was found by the Inspector General to have underspent on the lowest-income residents, and just this week the D.C. attorney general sued the D.C. Housing Authority for discriminating against residents with disabilities.” (Commercial Observer)
  6. Real estate firm must comply with New York AG’s Trump probe, court rules “Real estate company Cushman & Wakefield PLC (CWK.N) must comply with subpoenas from New York state Attorney General Letitia James as part of her civil investigation into former U.S. President Donald Trump, an appeals court ruled on Thursday.” (Reuters)
  7. Kushner Breaks Ground on One Journal Square, Target to Anchor Retail Space “Following an epic saga that included false starts, lawsuits, and more than a few controversies, construction has finally begun at an empty property in the heart of Journal Square that will invest almost $1 billion into the neighborhood.” (Jersey Digs)
  8. Boston Hotel Market Well on the Road to Recovery “CBRE is raising its forecasts of hotel performance for 2022 and beyond, based on Q1 2022 strength, continued slowing of construction activity, higher inflation and continued optimism about employment and economic growth.” (Boston Real Estate Times)
  9. NJ evictions are piling up following a 2-year moratorium enacted to help reduce the spread of COVID-19 “Landlords filed 40,600 eviction cases with the courts over the first five months of the year, according to state figures. That’s more than twice the number filed over the same period in 2021 – 18,550 – though still lagging the pre-pandemic total for January through May 2019, when there were 60,500 cases.” (Gothamist)
  10. FBI headquarters search can continue where it left off, the GSA confirms “The revived search for a new FBI headquarters can continue with the three previously identified suburban finalists, the federal government’s landlord said Friday.” (Baltimore Business Journal)

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