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14 Must Reads for the CRE Industry Today (April 3, 2020)

Trump Organization properties are missing out on millions of dollars in lost revenue daily, reports the Wall Street Journal. The Financial Times looks at how the coronavirus is starting to affect rents. These are among today’s must reads from around the commercial real estate industry.

  1. Coronavirus Costing Trump Properties Over $1 Million Daily in Lost Revenue “The coronavirus outbreak is costing Trump Organization properties more than a million dollars in lost revenue daily and may have hurt the firm’s chances of earning a record price on the sale of its Washington hotel, according to an analysis of industry data and people familiar with the deal talks.” (Wall Street Journal, subscription required)
  2. SoftBank Says It Won’t Buy WeWork Co-Founder Neumann’s Shares “SoftBank Group Corp. terminated an offer to pay up to $3 billion for shares in office-space provider WeWork, depriving co-founder Adam Neumann of a potential windfall of nearly a billion dollars.” (Wall Street Journal, subscription required)
  3. Preventing the Pending Collapse of the Real Estate Market “The commercial mortgage-backed securities (CMBS) market has essentially collapsed and the broader $20 trillion commercial real estate market is on the verge of collapse as well. We still have time to prevent this catastrophic event, but we need government intervention now.” (Commercial Observer)
  4. Landlords and Tenants Feel the Pain as Coronavirus Hits Rents “Closures of shops and restaurants takes already fraught relationships to the brink.” (Financial Times, subscription required)
  5. Exclusive: Amazon to Deploy Masks and Temperature Checks for Workers by Next Week “Amazon.com Inc (AMZN.O) plans to roll out temperature checks and face masks for staff at all its U.S. and European warehouses plus Whole Foods stores by early next week, a huge deployment for workers on the front lines of the coronavirus outbreak.” (Reuters)
  6. NYC Restaurateurs Plead With Landlords for Rent Forgiveness and Deferment “New York bars and restaurants, which reportedly laid off tens of thousands of staffers in March, are now negotiating with landlords to stave off another crisis: paying April rent.” (Eater New York)
  7. Coronavirus and Commercial Rent: What Tenants Should Know if They Are Pressed for Cash “Businesses across the country have shut their doors as the federal government works with states in order to stem the spread of coronavirus – but the economic impacts have already begun to sink in for many business owners.” (Fox Business)
  8. Manhattan Office Leasing Down 50% Since Early Winter “Manhattan office leasing has been cut in half since winter, a drop-off that began in February as news of the coronavirus outbreak began to spread, according to a recent survey.” (Crain’s New York Business, subscription required)
  9. Small Landlords Struggle As Renters Either Can’t or Choose Not to Pay Amid Coronavirus Layoffs “As job losses climb into the millions due to the coronavirus pandemic, laid-off workers increasingly can’t make the rent. That’s also bad news for small landlords.” (CNBC)
  10. Coronavirus Outbreaks like 'Wildfire' at US Nursing Homes Under Lockdowns “Nursing homes across the US have been in lockdown for weeks under federal orders to protect their frail, elderly residents from coronavirus, but a wave of deadly outbreaks nearly every day since suggests that the measures including a ban on visits and daily health screenings of staffers either came too late or were not rigorous enough.” (The Guardian)
  11. CMBS Delinquency Rate Ticks Up In March, But a Deluge Is Coming “The Trepp CMBS Delinquency Rate inched up in March, a rare break from the downward trend that has extended for almost three years.” (Trepp)
  12. Could Higher-Ed Be the Solution for Dallas’ Empty Office Towers? “Downtown Dallas has a glut of empty offices, says HOK Interiors Director Rachel Rouse. Here's her solution.” (D Magazine)
  13. Construction Industry Braces for Disruptions, Rallies for Solutions During COVID-19 “Some municipalities and states like New York and Washington have shut down construction except for critical repairs and projects. But others like Arizona, California and Illinois, are trying to keep the industry alive even under orders to shelter in place or stay at home.” (Chamber Business News)
  14. Houston Small Businesses and Landlords Grapple with Rent Relief Options During COVID-19 Crisis “It's not too huge of an assumption to make that many Houston startups and small businesses failed to pay their rents in full yesterday. Since the city's stay-at-home mandate on March 24 — and even preceding that — most businesses have seen a slowdown of revenue as a result of COVID-19-caused business disruptions.” (Innovation Map)
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