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News and Events

100,000 Restaurants On Track to Close This Year

via GlobeSt.com At least 100,000 restaurants will close this year because of the pandemic, the National Restaurant Association recently predicted. Perhaps more surprising, the association also found that 60% of operators said their total operational costs, as a percent of sales, are higher than they were before COVID-19. Further, on average, restaurant operators say their staffing is just 71% of typical levels. Read More..

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Most Retailers Have Now Struck Agreements with Landlords on Back Rent

via GlobeSt.com Retailers have struggled to pay rent through the pandemic, and as a result, the retail market has been among the sectors with the lowest rent collections in the commercial real estate. In June, one-third of retail tenants had paid 75% of rent, but in July, that number doubled, with two-thirds of retailers paying only 65% of rent, according to a retail survey conducted by NRF and PJ Solomon. Read More..

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The Power of INC: Tax Savings During Times of Economic Uncertainty

via EventBrite.com Discover if incorporating is right for you, which entity you should select, and more... About this Event Speaker, Tony Watson, is an Enrolled Agent who focuses on providing personalized financial guidance and tax preparation services to individuals and businesses. As a federally licensed tax practitioner, Tony helps his clients make sound financial decisions and works to ensure all eligible deductions are received when preparing taxes. Should a client need assistance with audits, collections, or appeals, Tony is empowered by the U.S. Department of Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service. In addition to his one-on-one client work, Tony Watson is the keynote speaker for Robert Hall & Associates. He speaks on various tax related topics at over 100 engagements throughout California each year. His dedication to his clients and expertise in the field of taxation lead him to win the Glendale Reader’s Choice Award for Best Tax Preparer in 2016. Read More..

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Contracts Seminar: The Most Common Mistakes in Lease Contracts

via AirCRE.com Join us for the first virtual AIR CRE Contracts Strategy Seminar. This highly informative presentation and Q&A on the nuances of correctly using the lease contracts, will be presented by AIR CRE Contracts experts Bryan Mashian and John Pagliassotti. Normally, the only the way to access this information is to attend a live, half-day seminar in Southern CA, which is $199, but now, anyone can join this streamlined session online, via Zoom. Read More..

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Eviction Wave Still at Sea: Will It Make Land?

via MultiHousingNews.com Paul Fiorilla of Yardi Matrix sheds light on how the multifamily industry continues to brace for an increase in missed rent payments. The eviction moratorium announced this week by the Trump administration ended fears of an immediate wave of evictions. But the eviction ban, in effect through the end of the year, merely postpones the inevitable problem if double-digit unemployment rates persist and federal aid remains stalled in the U.S. Senate.

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Tenants Get Creative as They Look to Exit a Lease

via GlobeSt.com If a store can’t survive, a buyout may be the best option. If a landlord thinks a tenant can survive after the COVID economic crisis passes, they’re usually motivated to work on payment plans, according to Luis Martinez-Monfort, founding partner of law firm Gardner Brewer Martinez-Monfort. “The appetite to work through forbearance from both the tenant and landlord is pretty high because I don’t think landlords believe, dependent upon the type of tenant they have, that there’s someone who’s immediately going to backfill a space,” Martinez-Monfort says. Read More..

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Landlords Increase Apartment Concessions To Draw In Tenants

via GlobeSt.com More than 30% of rental listings on Zillow in July featured concessions, compared to 16.2% of listings in February and 12.5% last July. Landlords are increasingly willing to offer concessions or perks to potential tenants rather than lower rent as the pandemic impacts the rental market, a new Zillow study found. The survey of Zillow listings showed that 30.4% of rental listings on the service featured concessions, compared to 16.2% of listings in February and 12.5% last July. Those concessions can range anywhere from a month off rent, free access to a parking space or even a gift card, according to the study. Read more..

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A Closer Look at California’s AB 3088

via GlobeSt.com The act is a temporary solution meant to provide some level of certainty to renters, modest protections for small landlords and time for the state to determine what additional relief may be needed. In the final week of the legislative session in California, the governor and legislative leaders struck a deal on eviction relief for residential renters and foreclosure protections for small landlords financially impacted by the COVID-19 pandemic. California Assembly Bill (AB) 3088, known as the Tenant, Homeowner, and Small Landlord Relief and Stabilization Act of 2020 (the Act), received legislative approval before the midnight deadline on Monday, August 31, and Governor Newsom signed the bill shortly thereafter. The new law, effective immediately, allows the state to delay the anticipated resumption on September 1, 2020 of unlawful detainer actions by California courts. Assembly Member David Chiu, the author of the Act, explained that AB 3088 is a temporary solution meant to provide some level of certainty to renters, modest protections for small landlords and time for the state to determine what additional relief may be needed in the future. Notably absent from the bill are any protections for commercial real estate tenants and landlords.

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Apartment Rent Payments Fall for Third Straight Month

via GlobeSt.com Apartment rent payments continued their downward drift in August. But the industry’s eyes are focused on September, as states try to fill in the gap from expired unemployment benefits provided by the CARES Act. The number of households paying rent through August 27 stood at 92.1%, down from 93.3% in July and 94.2% in June, according to the National Multifamily Housing Council’s Rent Payment Tracker. The rate was down 1.9 percentage points year-over-year from August 2019′s 94%. Read more..

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