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April 2, 2020

COVID-19 Impact On Chicago Unknown, But Regional Players Are Already Planning On Long-Term Changes And Eventual Recovery

Thursday’s news that 178,000 Illinois residents filed for unemployment last week, shattering the previous record set just the week before, was a sobering reminder of the scale of the economic challenge facing the region.

COVID-19 Impact On Chicago Unknown, But Regional Players Are Already Planning On Long-Term Changes And Eventual Recovery

World Business Chicago President and CEO Andrea Zopp and McCaffery Interests Senior Managing Director Clayton McCaffery joined Bisnow Thursday for its first Chicago Virtual Deep Dish webinar on navigating a business through these stressful times. Both said we are in the beginning stages of…

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Downtown's Office Market Was Looking Healthy, Until The Bottom Dropped Out

Downtown's Office Market Was Looking Healthy, Until The Bottom Dropped Out  

Downtown Chicago offices have been mostly empty for the past several weeks after Gov. J.B. Pritzker issued a stay-at-home order that shuttered nonessential businesses. The recent extension of that order to the end of April, and worries that the coronavirus may…

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Pharmacies, Groceries And Other Essential Businesses Could Provide Haven For Net Lease Investors

Pharmacies, Groceries And Other Essential Businesses Could Provide Haven For Net Lease Investors  

The single-tenant net lease sector was vibrant throughout 2019, as investors clamored to buy up office, retail and industrial properties. Transaction volume in 2019 was more than $80B, a roughly 35% increase over the amount in 2018, according to a new report by The Boulder…

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A Loan To Your Tenant From The CARES Act Doesn't Mean It Can Pay Rent

 

March was not a good month to be a small business.

The $2.2 trillion Coronavirus Aid, Relief and Economic Security Act was signed into law last week, throwing a lifeline to many individuals and small businesses struggling as the coronavirus disrupts the economy.

Among the many provisions in the bill is the Paycheck Protection Program, administered by the Small Business Administration. The CARES Act authorized up to $349B to fund federally guaranteed loans that will help small businesses pay essential expenses.

Landlords worried about collecting rent have mentioned the stimulus bill as a reason tenants may not need rent abatements. But while small businesses may receive a cash injection in the short term, that money may not be earmarked for rent.

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Market Volatility Leads Short-Term Rentals Into Uncharted Territory

The coronavirus pandemic has left no part of the travel industry unscathed, and that includes the unicorn of the short-term rental world.

Airbnb, like traditional hotels, has been hit hard by a flood of cancellations, lost revenue and plummeting daily rates, but the company has also had to contend with headwinds unique to the short-term rental sector.

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Co-Living Providers Feeling Short-Term Pain, But Still Confident In Sector's Future

Co-living providers like Common and Quarters have been expanding rapidly across the U.S., betting on the idea that people want to live in apartments with multiple roommates and large socializing spaces. 

These co-living companies now must navigate a pandemic that is forcing people to practice social distancing and an economic crisis that is leaving millions unemployed, challenging their business models and their growth prospects. 

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