In-person tours still account for a far greater share of lease closings. But virtual tours help prospective renters narrow down their choices.
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Shopping behaviors are rapidly changing. The pandemic instantly advanced e-commerce penetration by 4 to 6 years, meaning the consumer of 2025 is here today. Property owners need to kick their transformation plans into high gear even sooner than planned.
A major piece of this puzzle is tenant mix. At a macro level, there may be big reductions in the percentage of a center’s square footage devoted to retail since mixed use developments — where people can shop, work, play and sleep — continue to grow in popularity.
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SBA Opens Up New Grants and Loans for Small Businesses and Independent Contractors: The EIDL Program
On June 15, 2020, the SBA announced that it was again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program. This means that independent contractors, freelancers, and gig workers are eligible to receive a $1,000 grant that does not have to be repaid.
Small businesses and agricultural businesses also may apply for the grant, equal to $1,000 per employee of the business up to a maximum of $10,000.
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According to a survey released Monday, chief financial officers are targeting real estate expenses for further cost cuts heading into the second half of the year in the latest indication that the expansion of remote work is here to stay.
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(Bloomberg)—Eldorado Resorts Inc. said it plans to issue new shares, sell some Las Vegas real estate and take other steps to strengthen its finances ahead of a $17 billion merger of Caesars Entertainment Corp.
The casino and gaming company is offering as many as 20.7 million shares of its stock, with the proceeds going to general corporate purposes, the company said Monday. At the closing price of $38.44, that could generate about $800 million.
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While brokers don’t believe the office is going away, they expect the challenges presented by the pandemic to last into next year.
The office sector remains in a tough spot. The pace of workers’ return to offices varies tremendously across the country at the COVID-19 pandemic remains far from contained in multiple states.
There are big questions as to what the density of office spaces will look like in the long term and how many jobs might be permanently shifted to work-from-home positions. Throw in increased political volatility, marked by ongoing anti-racist protests around the country, and it’s a difficult moment to be an office broker.
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(Bloomberg)—Investors are increasingly taking a “barbell” approach to a commercial real estate market that’s been roiled by the coronavirus.
They’re looking at distressed assets like malls and hotels hurt by the pandemic, as well as logistics facilities that are in demand as more shopping shifts online, according to Mike Van Konynenburg, president of real estate investment bank Eastdil Secured.
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COVID-19 has created a new headwind for developers and sponsors raising capital for opportunity zone (OZ) investments.
The 2017 tax reform legislation that created OZs unleashed a frenzy of new funds and groups chasing what was projected to be billions of dollars in fresh investment capital aimed at revitalizing economically distressed communities. Delays in getting clarity on those new tax rules created frustrations and took some of the wind out of the sails in early fundraising. “Things were starting to get some momentum at the beginning of the year. There seemed to be a good pipeline of things coming,” says Stephen Sharkey, a tax partner at DLA Piper who advises clients on tax structuring of OZ projects and funds.
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Affordable housing projects continued to move forward in many areas in spite of the COVID-19 pandemic, although some obstacles have emerged.
The crisis caused by the novel coronavirus has not slowed down activity in developing new affordable housing projects. Even in the face of shutdowns that have stopped other activity, developers and investors have continued to work with federal, state and local officials to keep these projects moving forward.
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