Commercial real estate flounders as housing market booms

The rise of Zoom (ZM), Slack (WORK) and other productivity tools has made it easier for people to set up home offices and still get their jobs done. Meanwhile, Amazon (AMZN) and other digital retailers are flourishing amid the Covid-19 pandemic as the shift from bricks to clicks has accelerated.

“There will likely be less demand for commercial real estate due to the rising popularity of online shopping and working from home,” said Ivy Investments global economist Derek Hamilton in an e-mail.

That’s why giant corporate real estate firm Brookfield Property Partners (BPY) said it will lay off 20% of the 2,000 employees in its retail arm, which owns malls and other shopping centers that include Tysons Galleria in Virginia and the Grand Canal Shoppes at The Venetian Resort Las Vegas.

According to an internal e-mail obtained by CNN Business Tuesday, … Read More

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Housing Choice Voucher Program Section 8