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10 Must Reads for the CRE Industry Today (May 23, 2020)

The Wall Street Journal looks at what it takes for businesses to operate during the pandemic. Bankruptcy filings are increasingly piling up, reports CNBC. These are among today’s must reads from around the commercial real estate industry.

  1. The Covid Surcharge: Companies Confront the Unforgiving Economics of Coronavirus “Companies from major retailers and package carriers to local restaurants and hair salons are awakening to a new economic reality in the age of the new coronavirus: Being open for business is almost as hard as being closed.” (Wall Street Journal, subscription required)
  2. NMHC Rent Payment Tracker Finds 90.8 Percent of Apartment Households Paid Rent as of May 20 "The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 90.8 percent of apartment households made a full or partial rent payment by May 20 in its survey of 11.4 million units of professionally managed apartment units across the country. This is a 2.2-percentage point decrease in the share who paid rent through May 20, 2019 and compares to 89.2 percent that had paid by April 20, 2020." (NMHC)
  3. Beach Towns Have a Message for New York City Residents: Go Away “Annoyed by the city’s decision to keep its shoreline closed, officials in nearby areas are limiting beach access to keep outsiders at bay.” (The New York Times)
  4. The Coronavirus Is Crushing Bankrupt Retailers’ Hopes for a Rebound – and Threatening Even More Jobs “Bankruptcy doesn’t need to mean the end of a company. It can be a shot to shed debt, reorganize and come out stronger. But during the coronavirus pandemic, bankruptcy filings are increasingly spelling doom for retailers.” (CNBC)
  5. New Threat to New York City: Commercial Rent Payments Plummet “One landlord reported that 80 percent of retail tenants missed rent. The drop in commercial rent payments could imperil property tax collections that pay for city services.” (The New York Times)
  6. PREIT Gets $4.5M Paycheck Protection Loan for Small Business and Real-Estate Tax Delays, As Losses Mount “PREIT, the owner of the former Gallery Mall, the Cherry Hill Mall and 19 others malls, has received a $4.5 million forgivable loan from the federal Paycheck Protection Program and is being permitted to put off payment of $11.6 million in property taxes, as it seeks to stay afloat amid the coronavirus pandemic.” (Philadelphia Inquirer)
  7. A Food Hall Is Coming to Doral. Yes, There Will Be Social Distancing “Despite concerns about food service in the age of social distancing, Shoma Group plans to open a new food hall in Doral by late 2020. The food hall is expected to serve pent up demand for those craving collective experiences, even if they will have to remain six feet apart.” (Miami Herald)
  8. A World of Unknowns: Michigan and Ohio Multifamily Owners Tackle Uncertainty in the Age of COVID-19 “Multifamily, along with industrial, is one of the top-performing commercial sectors today, showing true resilience in the face of the COVID-19 pandemic. But the real challenges for this sector lie in the future.” (RE Journals)
  9. Industrial May Be Solid Now But Leases Have Stalled and Rents are in Decline “A new report from the REIS team at Moody’s Analytics says to expect a delay before any slowdown in the industrial real estate market surfaces in the wake of the COVID-19 pandemic since leases are locked in and the economic slowdown’s impact on trade has thus far been ambiguous.” (GlobeSt.com)
  10. Facebook Closing on 740K SF at Farley Post Office, Despite Work From Home Initiative “Facebook’s breathlessly-watched negotiation to lease more than 700,000 square feet at Vornado’s Farley Post Office site is all but a done deal, sources told Commercial Observer.” (Commercial Observer)
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