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May 5, 2021

The Labor Crunch Is Complicating Restaurants' Recovery

[In-Person] Why does Atlanta continue to attract major new-to-market tenants? Smallwood & IWG discuss June 2

Atlanta restaurants have bounced back from the depths of the coronavirus pandemic, but operators are encountering a new problem: finding enough workers to staff their eateries. 

Hiring issues are complicating restaurateurs' efforts not only to expand during this recovery, but also fully open existing restaurants to capacity.

“We hear tenants all the time [say] they can't open regular hours because they can't find people to work,” said Jeff Fuqua, a prominent retail developer in Atlanta. “They can't even find people to deliver food. It's had a pretty dramatic effect.”

The Labor Crunch Is Complicating Restaurants' Recovery

Restaurants and hotels have been among the hardest-hit businesses over the past year. In January 2020, 235,500 Georgians were employed at food service and drinking establishments, according to the Bureau of Labor Statistics. By April, that number dropped to 132,700. Roughly 4,000 restaurants in the state shuttered permanently during 2020, according to…

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Metro Atlanta's Industrial Leasing Breaks Records Again

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Metro Atlanta has been the best market in the country to lease up a warehouse in 2021.Tenants absorbed 10.82M SF at Metro Atlanta distribution centers and warehouses during the first three months of the year, the highest rate in the nation, according to Colliers.The soaring absorption rate — the second-most recorded in a…

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Pandemic Didn't Make Pension Funds Skittish About CRE Investing

As real estate investors, pension funds are known for playing a long game, and their target allocations in real property assets have been slowly but steadily increasing in recent years.

Though some funds took a pause in increasing their commercial real estate allocations during the coronavirus pandemic, the trend of incrementally greater investment by pension funds has continued. The reason is straightforward: Returns have been increasing as well.

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Origin Stories: Lendlease's Caaminee Pandit On Using CRE To Leave An Impact

 

This series delves into the myriad ways people enter the commercial real estate industry and what contributes to their success.

Caaminee Pandit is a development manager at construction giant Lendlease, an Australian company that has been working to expand its development presence in the U.S. in the past few years.

Last summer, it joined with Australian pension fund Aware Super to buy a development site at 1 Java St. in Brooklyn, and it has begun the process of developing a mixed-use project with 800 new units. The company also co-developed the Rafael Viñoly-designed luxury condo tower 277 Fifth Ave. with Victor Group. During the coronavirus pandemic, it locked down $250M in financing for 100 Claremont Ave., another residential project it is co-developing on Manhattan's Upper West Side.

Pandit is speaking here about learning on the job and finding a company that aligns with one's own vision and values.

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