- Largest US Banks Face $48 Billion Commercial Real Estate Loan Loss, Fed Says “The nation’s largest banks are facing a possible $47.6 billion loan loss on commercial real estate over the next two years in the worst-case scenario for economic fallout from the coronavirus, according to the latest stress test results from the Federal Reserve Board.” (CoStar)
- Q2 Economic Sentiment: Commercial Real Estate Execs Confirm COVID-19 Market Downturn “The Real Estate Roundtable Q2 2020 Sentiment Index registered a score of 38, a decrease of 14 points from the first quarter of 2020. Many respondents confirm tenants are having increased difficulties paying their rent obligations as a result of massive job losses. Most survey participants expect the eventual reopening of businesses and resolution of rental obligations will lead to improved real estate market conditions.” (The Real Estate Roundtable)
- CEO confidence climbs in 2nd quarter, with 70% expecting economic improvement by 2021 “The Conference Board's Measure of CEO Confidence jumped to 44 over the three-month period, from 34 in the first quarter, according to a Thursday release. A reading above 50 indicates an overall positive outlook. Little of the metric's improvement came from present-day outlooks. Only 10% of chief executives see conditions as having improved over the past six months, revealing continued stress around the coronavirus pandemic and its long-term fallout.” (Business Insider)
- Drive-In Theaters Are Providing Temporary Benefits To Developers And Mall Owners “Enter the drive-in theater, an unexpected winner in the pandemic fallout. Often overlooked in the era of massive chains like AMC and Regal Cinemas, drive-in theaters are experiencing a boom in popularity as people seek safe ways to have fun outside of their own homes. That boom hasn't gone unnoticed. Some companies are pivoting — and fast — to provide pop-up drive-in theaters, partnering with local developers and property owners to create new revenue opportunities.” (Bisnow)
- McDonald's halts dining room reopenings ahead of July 4 holiday “Citing a rise in coronavirus cases across the United States, McDonald’s Corp. is halting the reopening of more dining rooms in the U.S. ‘Keeping with our thoughtful approach to reopening, effective today, we are pausing all dine-in reopening plans for 21 days,’ company leaders wrote in a letter viewed by Nation’s Restaurant News.” (Nation’s Restaurant News)
- Is the Five-Day Office Week Over? “Recent surveys show that both employees and employers support this arrangement. And research suggests that a couple of days a week at each location is the magic number to cancel out the negatives of each arrangement while reaping the benefits of both.” (The New York Times)
- Tech’s ever-evolving impact on the multifamily space “There is plenty of uncertainty ahead, to be sure. But in one way, at least, the amenity wars anticipated the pandemic by making allowances for those who work remotely. Specifically, buildings have increasingly included common areas and meeting rooms replete with high-speed internet and other accommodations for telecommuters.” (RE Journals)
- This startup gives renters a financial stake in their apartments “When someone rents an apartment in a new complex in Columbus, Ohio, they can now also get a financial stake in the building. The property is the first to partner with Rhove, a startup that wants to help shrink the wealth gap between renters and homeowners by offering “rentership,” an asset that grows with the value of the property.” (Fast Company)
- Landlords fall short on property taxes after COVID-19 wiped out rent payments “July 1 marked the deadline for thousands of beleaguered building owners to fork over billions of dollars in property taxes to New York City — and nearly half of them are expected to fall short. Some 6 percent of property owners won’t be able to pay their tax bills at all, while another 39 percent will only be able to make partial payments, according to a survey by trade group Community Housing Improvement Program, or CHIP.” (New York Post)
- The South Florida office market is holding steady - for now. That may not last “Vacancy rates remained relatively unchanged in the second quarter 2020, according to Newmark Knight Frank’s second quarter South Florida office market report. And asking rents increased from $34.38 in the first quarter to $34.46 in the second quarter.” (Miami Herald)
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