After an uncertain year in the commercial property industry, many people are wondering what the next twelve months will bring. In a few words, there’s no way to tell. But, that doesn’t stop people from discussing the topic and various other items that could impact the market. If you want to stay up to date with the latest information, here is a list of good reads from around the commercial real estate industry.
Must-Reads for the CRE Industry
1. Deutsche Bank Research on Taxes for Home Workers
Deutsche Bank has suggested, based on some recent research, that it would be a good idea for companies to put a 5% tax on worker’s salaries if those workers choose to work from home when it’s not necessary due to the pandemic. Employers would be required to pay this tax, and the proceeds would be used to pay people who are unable to telecommute. (BBC News)
2. Retail Optimism Returning to CRE in the Wake of Vaccine News
The past several years have not been promising for retailers, and the COVID-19 pandemic has made a bad situation worse. According to this story, some publicly-traded retail REITs continued on a downward trajectory in Q3 2020, but news of a vaccine could change that momentum. (Bisnow)
3. How Subway Tunnels Can Make Buildings More Efficient
Consumers and businesses alike are driving for change in the form of more sustainable workplaces. This story reveals how subway tunnels can impact those initiatives. One solution is to lower the temperature in the tunnels, which could provide low-cost heat to nearby buildings at the same time. How practical is this idea? (Propmodo)
4. Corporate Tenants Impact CRE Market by Dumping Excess Office Space
Data firm CoStart Group Inc. reports that corporate tenants listed a record 42 million square feet of space on the market in Q2 and Q3 last year, increasing the total sublease space in this country to approximately 157 million square feet. This is the highest rate on record, but will things change in the coming year? (The Wall Street Journal)
5. California Voters Reject Attempts to Reshape Property Tax System
Property taxes can drive businesses away or attract them to a new area. In California, there is a continuing conflict over the state’s property tax system. This story details how voters have just rejected a proposal to change the current cap on property taxes, a move that would increase rates for many businesses. (The Associated Press)
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