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Eight Must Reads for the CRE Industry Today (March 4, 2022)

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  1. Amazon Closing 68 Physical Stores in U.S., U.K. “Amazon is trimming back its physical footprint by eliminating a couple of its brick-and-mortar banners. The company plans to close 68 brick-and-mortar stores, including its Amazon Books locations and Amazon 4-star locations, along with Amazon Pop Up sites. The news was first reported by Reuters. The closure dates, which are unspecified, will vary.” (Chain Store Age)
  2. Cedar Realty Trust to Be Acquired, Sell $840M in Grocery-Anchored Assets “Investors are keen to buy grocery-anchored centers in the current climate.” (Bisnow)
  3. Can Workers Climb the Career Ladder from Outside the Office? “Remote work is often favored by established employees who know their manager, are comfortable in their role and want to balance work with family responsibilities or other personal obligations. For those just starting their careers, working in isolation can make fitting into an organization — and eventually progressing up its ranks — more difficult.” (The New York Times)
  4. Hotels Roll Out the Welcome Mat to ‘Super Commuters’ “As the pandemic drags into its third calendar year and remote work shifts to hybrid models, employees who moved to the suburbs or even farther are becoming fixtures at city hotels, where they are establishing comfortable bolt-holes after the commute in for meetings that can’t be taken over Zoom. And some hotels, eager to tap into this new market while still having yet to recover from the blow of 2020, are crafting new packages designed specifically for them, with amenities like parking, conference rooms and low midweek rates to sweeten the deal.” (The New York Times)
  5. Biden Expected to Ban Russian Ships from Entering U.S. Ports “The Biden administration is expected to ban Russian-flagged ships from entering U.S. ports, according to officials familiar with the matter, extending sanctions against the country following its invasion of Ukraine. The move, which follows a similar ban in the U.K., would be largely symbolic. Russian commercial ships represent less than 1% of cargo volumes to the U.S., according to shipping and port officials. Russian firms own a large fleet of oil tankers but they usually aren’t Russian-flagged.” (The Wall Street Journal)
  6. Manhattan Office Availability Hits New High as Space-Shedding Continues “The increased availability came despite continued recovery in leasing activity, with roughly 2.3M SF signed last month.” (Bisnow)
  7. JPMorgan Downsizes NYC Office Footprint “The bank leased 400,000 fewer square feet in 2021, after cutting its space by 300,000 square feet in 2020, according to a report.” (The Real Deal)
  8. Target Takes Aim at Logistics Expansion “Target Corp. is sharply expanding its logistics footprint across the U.S. to build up capabilities to handle growing sales at both its physical stores and online. The big-box retailer, following earnings growth in its past fiscal year that saw annual sales surge to more than $100 billion, said Tuesday it plans to build four regional distribution centers, adding to the two it opened last summer. The Minneapolis-based company also is adding a network of sortation sites to speed goods through its supply chains.” (The Wall Street Journal)
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