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July 21, 2020

Some Student Housing Foiled By Online Classes, Unclear Plans

Student housing owners are seeing pre-leasing stall compared to prior years, as many universities march toward online classes and some students opt to live elsewhere amid the coronavirus pandemic.

Some Student Housing Foiled By Online Classes, Unclear Plans

Nationally, as most universities plan to reopen campuses despite a worsening coronavirus pandemic, leasing at student housing properties has started to land closer to where it was last year. As of last month, national pre-lease occupancy stood at 74.9%, below the 78.8% seen at that point last year but a notable 6% month-over-month…

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Architecture Firm Designing Amazon HQ2 Opens New D.C. Office

Architecture Firm Designing Amazon HQ2 Opens New D.C. Office

One of the architecture firms designing Amazon HQ2 has decided to open an outpost in the District to help expand its portfolio in the market. NBBJ announced Tuesday it opened an office at 2001 Pennsylvania Ave. NW, the architecture firm's first office…

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Menkiti Group Lands D.C. Agency At Anacostia Development

Menkiti Group Lands D.C. Agency At Anacostia Development

The MLK Gateway development in Anacostia has landed a D.C. agency as an anchor tenant for its next phase.Mayor Muriel Bowser announced Monday the Department of Housing and Community Development signed a 55K SF lease in…

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This CRE Entrepreneur Thinks You Should Take A Day Off — Every Week For The Rest Of Your Career

 

Since the early 1970s, the productivity of the American worker has increased more than seven times faster than wages and more Americans work longer hours.

Americans also don’t take as much vacation as workers in other countries, they aren’t legally guaranteed paid sick days, and the U.S. is the only industrialized nation that doesn’t make paid parental leave a mandatory benefit. American workers are so bad at taking time off, they don’t even take proper lunch breaks. And when they get home, they keep on working

In the 1930s, British economist John Maynard Keynes foresaw “three-hour shifts or a 15-hour week” in the 21st century. In practice, this could be a two-day workweek.

Other economists throughout the mid-century echoed this premonition of a future of greater efficiency, adequate wealth and less obsession with productivity, but while the potential was there, we have yet to realize it.

On a recent episode of RealCrowd’s CRE investing podcast, 4-Day Week Global CEO Charlotte Lockhart and 4-Day Week co-founder Andrew Barnes, a New Zealand real estate investor, suggest that the coronavirus pandemic may be the catalyst that finally shifts our long-standing norms of what the workweek is.

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Losing Its Luster With Luxury Retail, Fifth Avenue Faces A Rent Price Collapse

 

NEW YORK CITY — Lawsuits between retailers and their landlords have become fairly commonplace in New York City over the last couple of months, but when Valentino sued its Fifth Avenue landlord last month, it wasn't over rent payments or a force majeure clause: The Italian luxury retailer claimed it should be allowed to break its lease because its address was no longer prestigious enough.

Valentino's lease states it will operate consistent with the "luxury, prestigious, high-quality reputation of the immediate Fifth Avenue neighborhood," and in the lawsuit, it said its ability to do that "has been completely frustrated."

The suit, which garnered a flurry of press attention, may well be a scheme to avoid excess costs in a wilting global economy and cratering retail business. But it could also be a harbinger of a completely new era for the 10-block strip of Upper Fifth Avenue that once was the world's most expensive retail corridor, an era with fewer shoppers and lower rents.

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Mapped: The Great Department Store Conversion Is Now On

LONDON — The department store is dying in front of our eyes, with even blue-chip operators like John Lewis closing locations opened as recently as five years ago. Of course, not every department store in the UK will close — but huge swathes of them are shut already, leaving landlords with the quandary of what to do with big empty boxes often totalling hundreds of thousands of square feet.

There is no one-size-fits-all solution for empty department stores, where numbers have dropped by more than 30% in the past five years, according to Lendy, but after a period of mourning, confusion and reflection, owners and developers are beginning to undertake the process of converting department stores to new uses.

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