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July 26, 2023

'I'll Show You Mine, You Show Me Yours': More Office Tenants Looking At Owners' Books Before Signing Leases

How Is The Central Perimeter Navigating Office Vacancy And Upcoming Shadow Space With A Robust Stock Of The Asset Type In The Submarket? Hear More On Aug. 15.

It's traditional in lease negotiations for the owner of an office building to ask a prospective tenant to show proof that they are in good financial standing and can be expected to pay rent every month.

But the public prognostications comparing office real estate to an "apocalypse" and a "Category 5 hurricane" haven't escaped the companies in the market for office space, leading to an increasingly common role reversal: tenants asking landlords to open up their books and provide protection in case they go under.

'I'll Show You Mine, You Show Me Yours': More Office Tenants Looking At Owners' Books Before Signing Leases

"It's not enough to just say, 'You know, we have bulletproof institutional dollars behind us,'" CBRE New York Tri-State Region CEO Mary Ann Tighe said. "The landlords still want to know about the credit of their tenants, but the tenants now say, 'OK, I'll show you mine. You show me…

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Refrigerator Door Maker Shuts Down 130K SF Conyers Plant

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Less than a decade after it opened, a plant in Metro Atlanta that churned out glass doors and screens for commercial refrigerators is shutting its doors.Anthony Inc. filed a worker adjustment and retraining notice with the Georgia Department of Labor disclosing it is permanently closing its facility at 709 Sigman Road…

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Office REIT Takes $20M Hit After Refinancing Debt With 9.25% Interest, Double Previous Rate

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Sun Belt-focused office REIT Piedmont Office Realty Trust is feeling the burn of the struggling asset class with its new loan. The company took out $400M in debt at a 9.25% interest rate, more than double the rate of the loan it is replacing, it revealed last week in a…

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CRE Struggles To Keep Pace As EV Industry Surges Toward $100B

CRE Struggles To Keep Pace As EV Industry Surges Toward $100B  

With the proliferation of electric vehicles, the days of Americans making trips to the gas station to fuel their vehicles are fading, ushering in a new era in which workplaces, stores and restaurants serve as the main provider of power, creating a new challenge and an opportunity for property owners.

What may seem like the simple addition of a few charging stations is actually a complex puzzle, weighing capital investment and incentives against potential profit and infrastructure needs against desired charging speeds. 

Some properties will need significant upgrading to make them suitable, and there isn't a standard model of who will pay for what when it comes to the tech. All the same, CRE is now partnering with EV specialists to make it happen.

“Fast and ultrafast chargers will see significant growth in the retail and fleet sectors,” said Ethan Sprague, senior vice president of sales, marketing and policy at FreeWire Technologies, an EV charging installer. “The retail sector includes public gas and convenience stores, big-box retailers and rest stops — anywhere you would…

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