via GlobeSt.com More retailers will cut their physical footprints in 2021, according to a new survey of retail CFOs by global accounting firm BDO. Approximately 40% of CFOs surveyed say they are reevaluating their real estate footprint this year, as high unemployment rates and stalled COVID-19 vaccination strategies have brands girding for a lengthy period of reduced consumer spending. Read More..
via GlobeSt.com This year, several new employment laws went into effect in California to tackle the impacts of COVID-19 and to ensure the safety of employees. Many of these laws broadly impact companies and office occupiers. While these laws certainly impact operations, some have the ability to hamper office demand as well, even after stay-at-home orders were lifted. The COVID-19 pandemic drove the passage of key workplace laws last year,” Dwayne McKenzie, a partner at Cox, Castle & Nicholson, tells GlobeSt.com. “The pandemic is not over yet, and depending on how 2021 unfolds, the legislature may see a need to add to, modify, or extend some of those laws.” Read More..
via Forbes.com Mere hours after Joe Biden was inaugurated as the 46th U.S. president, he signed a slew of executive orders in response to the continuing Covid-19 crisis. Among them was an extension of the eviction moratorium for renters who have fallen behind on their bills due to unemployment or reduced wages during the pandemic. Read More..
via GlobeSt.com Since the pandemic began, nearly one-third of commercial leases in the US negotiated since March include the pandemic as a force majeure event, according to a survey by LexisNexis. Robert DiPisa, real estate attorney and co-chair of the Cannabis Law Group at Cole Schotz, notices similar trends. Read More..
via AptMags.com Please join us on Tuesday, January 12, 2021 at 11:00 a.m. to hear from the leading landlord / tenant legal expert, Dennis Block, Esq. DON’T MISS THIS IMPORTANT NEW WEBINAR – THIS IS YOUR CHANCE TO GET YOUR LEGAL QUESTIONS ANSWERED BY CALIFORNIA’S TOP EVICTION ATTORNEY…ALL FOR FREE! Hear Dennis’ insights on what we can expect once Assembly Bill 3088, the state eviction “stop-gap” law expires – what will our State’s Legislature think of next? Learn about when and how you can evict your problem tenants, legal strategies you can deploy today to ensure you collect as much past due rent as possible and KNOW your rights as a rental property owner in today’s “upside down” world. Read More..
via GlobeSt.com Apartments, office and retail are all following a similar trend: rising vacancy rates with declining rents. A new report from Moody’s Analytics calls the dynamic “bleak, but not dire,” noting that while most metros are following a similar pattern, most of the declining fundamentals are more moderate than originally expected. Read More..
via GlobeSt.com Finally, finally Congress has passed another stimulus measure, a $900 billion bill that includes several provisions beneficial to commercial real estate and, of course, the larger US economy. CRE Finance Council has provided members with a rundown on the basics contained in the 5,593-page bill, which the White House has said President Trump will sign. Read More..
via GlobeSt.com Los Angeles apartment rents have declined 7.5% since February, according to a new report from Apartment List. The downward trend has kept pace with apartment vacancy, which has increased. According to the report, the pre-pandemic vacancy index in Los Angeles was 7.4%, but since has since increased to 7.9%. Los Angeles’ apartment rent loss came slowly and steadily, unlike markets like San Francisco that spiked earlier on in the pandemic. “Our rent index for Los Angeles began trending downward in April and has shown negative month-over-month growth in each month since, so it wouldn’t necessarily say that the market in L.A. was any slower to react than in other parts of the country,” Christopher Salviati, housing economist at Apartment List, tells GlobeSt.com. “Compared to San Francisco, the magnitude of the rent decline in L.A. has been less extreme.” Read More..
via GlobeSt.com Apartment rent payments continued to decline in December. As of December 10, rent collections were down 24% from March collections, according to research from Rentec Direct, which aggregates rent collection data to analyze the impact of the pandemic. Rent payments continue to trend well below March collections; however, payments have improved since September 2020, when collections were 35% below March and a record low for the pandemic. In October collections were down 28%, and in November, payments were 27% below March. Read More..
via GlobeSt.com A credible proposal for another stimulus measure hit Capitol Hill on Tuesday. There is no guarantee that it will pass and be signed into law and it is light on details but it is the first serious attempt to jumpstart bipartisan talks for further coronavirus relief. A bipartisan group of senators proposed the measure. Worth about $908 billion, the bill seeks to take the middle road between competing proposals that have been introduced in the House of Representatives and the Senate. Read More..