 Property fundamentals in the sector remain very strong, making it an attractive long-term investment bet.
There has been stable occupancy and rental collections in 2020 despite the pandemic. As a result, some investors are now betting big on manufactured housing communities. Read Full Article: bit.ly/2HBGRnr  Coworking giant IWG, which runs the Regus brand across the globe, is threatening to dump even more of its leases into bankruptcy unless landlords reduce rents.
IWG is set to declare its U.K.-based Regus subsidiary insolvent “in a matter of days,” erasing over $1B in lease guarantees in its 500 global locations, The Sunday Times reported. The company already has tossed a number of individual leases into U.S. bankruptcy courts over the past month, including locations in Atlanta, Chicago, Miami, Austin, New York and Washington, D.C. Read Full Article: bit.ly/36lAVcD  (Bloomberg)—Deutsche Bank AG is revising its work-from-home policies in an effort to permanently reduce office space, adding to a growing number of lenders that are using lessons learned from the pandemic to lower costs.
The bank’s leadership is working on a new “hybrid model” for how staff can split work between the office and their homes, Chief Executive Officer Christian Sewing said at a conference on Thursday. Read Full Article: bit.ly/2G5fmCv  Friday morning, CoStar filed suit in federal court against CREXi, a Los Angeles-based company that operates an online commercial real estate marketplace, claiming "flagrant and widespread theft of CoStar's intellectual property."
The lawsuit, filed in U.S. District Court for the Central District of California, alleges six claims including copyright infringement, misappropriation and breach of contract. It seeks a series of damages from CREXi for what it claims was a scheme to build its business using stolen content from CoStar. CREXi declined to comment. Read Full Article: bit.ly/3cAhhL9  Valuation experts are still struggling to get a handle on current market conditions.
One thing that buyers and sellers can agree on these days is that there has been a reset in property values across many sectors and geographic markets. Yet the sticking point that continues to stall transactions is determining exactly how much of a discount should be applied. Read Full Article: bit.ly/33WLKz9  Whilst Las Vegas is a comparatively young city it’s already bagged its fair share of history and changing faces.
Since its first casinos in the ‘40s through to its current landmark status, it’s always been known and loved for its gambling opportunities. Read Full Article: bit.ly/3mLyK86  LAS VEGAS — VICI Properties (NYSE: VICI), a New York City-based REIT, has provided a $400 million mortgage loan to a subsidiary of Caesars Entertainment Inc. (NASDAQ: CZR) that is secured by the Caesars Forum Convention Center in Las Vegas.
The deal was set in motion in June when VICI and Caesars entered into an agreement whereby VICI provided Eldorado Resorts with a $400 million loan secured by the recently opened Caesars Forum Convention Center. The loan was conditioned to completion of the $17.5 billion merger between Eldorado and Caesars, which was officially completed in July. Read Full Article: bit.ly/2RRphh6  A “downturn” may not be the right word when it comes to CRE, says PGIM Real Estate’s Todd Goldberg. A “bifurcation of the market” might be more accurate.
The COVID-19 pandemic has not only supported the continued rise of e-commerce and demographic shifts in the multifamily sector, but significantly accelerated those trends. Investors with significant holdings in the commercial real estate sector have taken notice. Read Full Article: bit.ly/2FZYaxD  For many apartment landlords, income is down, expenses are holding steady or rising, and promised relief from various governments is slender or nonexistent. Traditional methods to maintain income are off-limits, even in states without eviction bans, now that the federal government has halted evictions for the rest of the year.
After six months of the coronavirus pandemic and a frantic, uneven response by policymakers, landlords are under pressure, and optimism is in short supply among mom-and-pops and midsized owners. Read Full Article: bit.ly/3iUlRpR  Leasing concessions are increasing in the office sector, but how far landlords are willing to go to secure tenants amid a pandemic depends on the office product.
Office lease concessions in the form of free rent and tenant improvement (TI) allowances rose sharply in the second quarter of 2020 as U.S. office demand fell the most since 2009, according to a report from real estate services firm CBRE. Net effective rents for office space dropped by 6.6 percent from the second quarter of last year. Read Full Article: bit.ly/3hPzMMs |
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