Jobless claims stay high, apartment rent payments lag, coworking spaces improvise, J.C. Penney sold to REITs, and why one of them might not be as good a play as this alternative.
In Today's News
U.S. Unemployment Claims Held Steady Last Week
As the novel coronavirus continues its deadly grip on the American public, people out of work continued filing initial unemployment claims by the hundreds of thousands.
Why it matters: The economic pain from COVID-19 is not going away fast, if at all. Joblessness and the continued uncertainty around another stimulus bill makes for a murky future for millions of small businesses and their landlords.
NMHC Says 76.4% of Apartment Households Paid September Rent So Far
The National Multifamily Housing Council (NMHC) said this week that 76.4% percent of apartment households made a full or partial rent payment by Sept. 6.
Why it matters: That's down 2.9 percentage points from the same time last month in the trade group's weekly survey of 11.4 million professionally managed apartment units. This is not good news for landlords, or tenants, looking for signs of a rebound in their personal economies.
Miami Company Introduces 'Virtual Coworking'
This piece on Bisnow South Florida explores how coworking operations are dealing with the pandemic by offering discounted memberships that allow for networking at a distance with some access to physical space, too.
Why it matters: Coworking offices -- from one-location storefronts to major operators like WeWork -- have been emptied out by the coronavirus. Operators, and their landlords, can find inspiration in some of these solutions.
Today on Millionacres
What the J.C. Penney Sale Means to Real Estate Investors
Millionacres' Maurie Backman breaks down today's bankruptcy sale of J.C. Penney to Simon Property Group and Brookfield Property Partners.
Why it matters: This looks like a great deal all around, potentially keeping more than 600 stores open, saving thousands of jobs, and injecting some much-needed optimism into the bleak retail mall landscape.
Thinking of Buying Simon Property Group? Buy This Instead
Millionacres' Matthew DiLallo lays out multiple reasons why Federal Realty Investment Trust (NYSE: FRT) might be a more attractive buy right now than the biggest mall operator in the land.
Why it matters: Retail REITs are not all alike. A heavy emphasis on grocery stores, anchors, and outdoor shopping centers makes Federal Realty a possible breath of fresh air for CRE investors looking for someplace new to place some cash.