Delta variant upending American businesses as some offices slam shut again, some require vaccinations to allow returns, and some target the unvaccinated. Oh, and AMT.
Back to Office Plans Roiled, Unvaccinated Shown Door
Virus Surge Upends Plans for Companies Trickling Back to the Office
Google now says it will push back its official office return to mid-October and require workers at its campuses to get vaccinated. Lyft postponed its return date to February, Bloomberg reports, while Twitter shut its recently reopened workplaces. Citigroup is requiring masks at the office, and Walt Disney Co. is again mandating them at its Florida and California parks.
The Millionacres takeaway: Just when it looked like things might be returning to a new normal, the delta variant is upending plans for businesses large and small. The fallout is just beginning.
Twitter Closes Offices as Delta Variant Surges: More to Come?
Our Maurie Backman looks at Twitter's shuttering of its New York and San Francisco offices through a real estate investor lens.
The Millionacres takeaway: That Twitter had to take that step is discouraging for office REITs (real estate investment trusts). And if the coronavirus outbreak continues to surge, office REIT investors may be in for another rocky quarter to say the least.
Corporate America to Workers: Get a Shot or Get Out
After months of reluctance, corporate America is taking a stand on keeping its returning workers safe. A growing number of companies are requiring vaccinations for employees and in some cases, for clients and customers, CNN reports today.
The Millionacres takeaway: The federal government may do the same very soon, too, for its millions of workers. Investors in office space might want to follow this trend with particular interest.
Famed Restaurateur Announces Vaccine Mandate for Staff and Diners
Famed restaurateur Danny Meyer announced today that all employees and indoor patrons at his full-service restaurants will be required to show proof of vaccination beginning Sept. 7, Washingtonian reports.
The Millionacres takeaway: The policy applies to more than a dozen high-profile restaurants owned by Union Square Hospitality Group in such prime locations as New York and Washington, D.C., but not to the Shake Shack chain of which Meyer is a co-founder. It seems hard to see this as a trend, as much as the restaurant business can't afford another widespread shutdown because of the delta variant.
Also Today in the News
After May Jump, a June Slump for Pending Home Sales
The overall pending home sales index fell 1.9% to 112.8 in June, the National Association of Realtors said today. An index of 100 is equal to the average level of contract activity during 2001, the first year examined by the trade group.
The Millionacres takeaway: As Housing Wire says here, "though the desire for buyers to purchase a new home remains strong, skyrocketing prices are putting the dream out of reach for some buyers."