Yves here. One, or in this case, even two robins do not make a spring. But they are indicators. We had warned that the “work at home” trend was not likely to be as durable as many who’d bought homes well away from their former offices would like to think. As we indicated, most CEOs felt that there was a significant productivity loss in having their staffs dispersed. Whatever gains there might be from fewer distractions were offset by many types of collaboration being more difficult, particularly meetings of more than a very few people, as well as the loss of serendipitous casual information-sharing. And what looks like gossip often has an upside, in that learning about personalities and potential or actual scandals helps workers navigate internal bureaucracies.
Nine Must Reads for the CRE Industry Today (May 7, 2021) The Wall Street Journal looks at how changes adapted by restaurants during the pandemic might endure in the long term. Crain’s Chicago Business asks whether Sam Zell’s latest bet on industrial real estate is likely to pay off. These are among today’s must reads from around the commercial real estate industry.
Restaurants Plan for Post-COVID Renewal: Smaller Menus, Merch Stores, Healthcare for Workers“Perhaps no group has pivoted more quickly and more visibly during the pandemic than the restaurant industry. City landscapes across the U.S. have changed: tables, chairs and plywood structures sitting where cars used to park, pedestrians sharing sidewalks with diners and space heaters, thermometer-wielding hosts working double-duty as health monitors. The pandemic has taxed restaurant workers, who are asked to provide service but haven’t received enough of it themselves, says Brandon Jew, chef and owner of Mister