- Landlord Policy Is Pandemic Policy Now “Commercial real estate has understandably not been policy makers’ main priority since the pandemic began to tear into economies. But it requires attention now, and more support will be needed to make sure public health and corporate incentives are aligned.” (The Wall Street Journal)
- The Three Types of COVID Relief for CMBS “One thing is certain in these uncertain times: no commercial real estate owner predicted they would be in special servicing asking for a modification and no commercial real estate owner wants to be in this position! The best thing an owner can do right now is to fully understand all their options.” (GlobeSt.com)
- Will Retailers Come Back To 'Fashion Hotspot' New York City After The Pandemic? “Retailers that have reopened in New York City have seen their foot traffic dwindle as office workers work remotely and tourists no longer flock to the city. Even more, the streets of New York City are empty as residents who live there are reluctant to go out as the risk of the coronavirus lingers.” (International Business Times)
- Obstacles mount for passage of CMBS relief bill “A bipartisan congressional bill introduced last month that would benefit struggling CMBS borrowers through a new Treasury-backed lending facility has moved on to the House Financial Services Committee for consideration. But passage could be an uphill battle, based on negative reaction to the measure.” (Asset Securitization Report)
- Residents Need More Digital Bandwidth Than Ever Before. How Can Property Owners Keep Up? “For multifamily property owners, the transition to working from home has brought about a new set of challenges. Tenants need more bandwidth to stay connected to their co-workers during the day and stream movies with their families at night. Add to that the fact that children are about to engage in distance learning, and it's clear demands are set to spike.” (Bisnow)
- AIA offers strategies for retrofitting multifamily housing for pandemic use “Following recently published guides for schools, offices, and hospitals, AIA has issued its latest set of recommendations, titled Strategies for Safer Multifamily Housing, offering ‘guidance on how to combine new daily habits, the needs of workers, and stringent hygiene regimens with social, infrastructural, and spatial requirements that aim to keep everyone safe.’” (ArchiECHO)
- The Lease of the Future May Look Different “Abe Somani, head of MRI Software’s lease intelligence division, believes we’ll see widespread changes in how leases are structured and drafted, and not only in retail settings. Somani has had numerous conversations with landlords and occupiers alike during the pandemic. Broadly speaking, he believes existing leasing language is often ill-suited toward the current emergency, unless it happens to include provisions specifically geared to extended—and abrupt—business interruptions caused by public health crises.” (Connect Commercial Real Estate)
- With commercial eviction moratorium lifted, small businesses bank on communication with landlords “Gov. Steve Sisolak lifted a moratorium on commercial evictions on June 25, allowing landlords to evict commercial tenants for non-payment of rent beginning July 1. To help struggling commercial tenants, the state is rolling out commercial rental assistance for small businesses, but experts say an increase in commercial eviction filings are on the horizon.” (The Nevada Independent)
- Bloomingdale’s And Macy’s Seek Consolidations And Closures Regarding Their Chicago City Locations “Since 2017, Macy’s has been selling off real estate and streamlining its large fleet of stores. In February, the retailer announced that 125 underperforming locations would close over the next three years. Some of the company’s most valuable properties have been used for collateral for loans geared to pay down its massive accumulated debt load.” (Forbes)
- California Ends Temporary Eviction Protections as Legislators Weigh Permanent Laws “The Judicial Council of California voted 19-1 last week to end the COVID-19 emergency moratorium eviction and foreclosure rules in place since early April. The state can resume those legal proceedings on Sept. 2, though Governor Gavin Newsom and state legislators are working on new longer-term proposals to extend protections into 2021.” (Connect California)
- Dickey’s Barbecue Pit launches a ghost kitchen network as a money-saving incentive for franchisees “Dallas, Texas-based Dickey’s Barbecue Pit is the latest restaurant chain to join the growing ghost-kitchen movement. The 457-unit, fast-casual barbecue chain announced that it will be launching a network of ghost kitchens, including virtual restaurants to expand their reach in Chicago, Houston and Orlando, and entering into a new market using only ghost kitchens in Providence, R.I.” (Nation’s Restaurant News)
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