CBRE in solar power play, making scaffolding into an artistic statement, minimum wage and housing and labor shortages, REITs and the Retail Revitalization Act.
In Today's News
Altus Power to Merge With SPAC Created by CBRE in $1.58 Billion Deal
Altus Power, a builder and operator of solar-power installations on the roofs and parking lots of commercial properties, is merging with a special-purpose acquisition company (SPAC) sponsored by CBRE Group in a deal that values Altus at $1.58 billion, The Wall Street Journal reports [subscription required].
The Millionacres takeaway: This expansion in the ability of places with big roofs to generate some or all of their own power is part of a green trend overall -- and perhaps could help make such solar power options available more widely for smaller real estate investors, too.
When Scaffolding Hands Them Lemons, Developers Make Lemon Trees
The New York Times says some major developers have called on artists to transform the necessary evil of construction scaffolding and sheds into things of beauty, or at least interest.
The Millionacres takeaway: Whether this becomes a trend remains to be seen, but it is intriguing to see some of those thousands of urban sidewalk construction zones turned into places of whimsy.
Today in Employment and Affordability
Full-Time Minimum Wage Workers Can't Afford Rent in Any State: Report
People working minimum wage jobs full-time cannot afford a two-bedroom apartment in any state in the country, the National Low Income Housing Coalition's annual "Out of Reach" report finds. In 93% of U.S. counties, the same workers can't afford a modest one-bedroom, CNBC reports today.
Labor Shortage Has Some Restaurants Paying Applicants Just to Interview
Nobody seems to want to work at restaurants anymore. In fact, as of last month, almost half of U.S. restaurants were operating with 20% less staff than they'd normally have on board.
The Millionacres takeaway: There are broad implications here for real estate investors. People need to make enough to pay the rent, and employers need to pay them enough to do it. That's a bottom line that's becoming more difficult to look away from.
Also Today on Millionacres
Will the Retail Revitalization Act of 2021 Pass?
A bill designed to encourage retail real estate investment trusts (REITs) to invest in their tenants at a time when REITs were receiving partial or delayed payments was introduced back when many tenants were still closed and unable to generate enough revenue. Our Deidre Woollard looks at its current prospects.
The Millionacres takeaway: Deidre writes that so far in 2021, retail REITs have bounced back remarkably, and retail bankruptcies have slowed, but we may not be out of the woods yet. If tenants go through another round of struggles, the government may be more incentivized to look at these types of solutions again.