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June 11, 2020

‘People Are Just Exhausted’: What Happens When A Business Decides It Can't Go On

[Webinar] If We See A Suburban Resurgence, What Will That Do To Land Prices? Find Out At The Future Of Industrial: Location, E-Commerce & What Lies Ahead For This In-Demand Asset Class June 17

For 35 years, Coogan’s was an institution in Manhattan’s Washington Heights neighborhood, providing good times and refuge, along with plenty of food and booze, for New Yorkers.

On May 27, Peter Walsh and his two partners in the beloved Irish pub swept the floors of the bar one final time. He looked across the empty room, turned the lights out and never went back.

“I'm 73 years old, and I've worked my whole life, whether it was at school or working in the military or working jobs,” Walsh said. “That was the first time in my life that the next day I wasn't going to work somewhere.”

‘People Are Just Exhausted’: What Happens When A Business Decides It Can't Go On

Three months after President Donald Trump declared the coronavirus a national emergency and states began closing or limiting business operations, owners of businesses of all sizes are deciding that enough is enough.States and cities across the nation have started to loosen certain health restrictions and provide new social distancing recommendations so…

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In A Market Shaped By The Pandemic, Patient Investors Will Be The Big Winners

Tens of millions of people filed for unemployment in the past few months, and the coronavirus pandemic still grips the nation. This may not seem like an auspicious time for investors to get aggressive, but experts say there could be opportunities for those willing to look.

Many of those opportunities will be in distressed or value-add properties, but at least for now, most investors are taking a breather, and trying to understand the constantly shifting landscape.

“April [investment sales] volume was down 71% from a year ago,” Blue Vista CEO Peter Stelian said Tuesday during Bisnow’s Chicago Deep Dish: Distressed Real Estate Opportunities webinar. “I have a feeling May volume is going to be down even more than April’s was.”

In A Market Shaped By The Pandemic, Patient Investors Will Be The Big Winners

Good deals are already out there, he added. His Chicago-based firm is  pursuing several industrial deals, one in the Pacific Northwest and two in the Midwest, including one in Chicago, but there are major challenges to completing proper due diligence.“How do you do a deal when you have to ask…

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Is The Golden Age Of Central Business Districts Over? Experts Say Maybe.

 

Until recently, urban cores nationwide have been hot spots for retail growth, supported by an influx of high-end workers, offices, businesses and residents.

National chains and local startups wanted a piece of the action, particularly in traditionally sprawling metros that re-created central neighborhoods. Baby boomers with empty nests flocked to hip downtowns and millennials consistently ranked urban amenities as one of their major must-haves in a neighborhood. Cities soaked up the tax revenues from revived business districts.

Now all bets are off for the future of urban-core retail, as the coronavirus pandemic has obliged workers to stay home and companies rethink dense urban locations. Experts now say that the sector's fate depends on how permanent the changes wrought by the pandemic prove to be.

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NYC's Office Buildings Are Readying To Reopen, But Most Workers Aren't Ready To Come Back

 

NEW YORK CITY — New York City is inching back to life, and the owners of some of the world’s priciest, densest buildings are working toward a new era of protocols and regulations that would have been unimaginable four months ago.

The city took its first tentative steps to a return to normality this week, starting Phase 1 of the state's staggered reopening plan. Phase 2 will allow office buildings to open their doors once more. Temperature check technology, reduced elevator capacity and rules governing face coverings are all becoming de rigueur, as landlords rush to lay out their plans and ease the anxieties of a shaken workforce.

“It is a lot to take on … You can’t get it wrong,” said PwC Advisory Director Katherine Huh, adding many companies are keeping staff remote until they can figure out the best approach. “Even my most conservative clients, the ones that are dying to get back into the office, have accepted the fact that they will not be back until the fall.”

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Expect Another Wave Of Retail Bankruptcies By Year's End

U.S. retailers and restaurants are finally starting to welcome customers again around the U.S., ending months of little to no income. But the future may still be grim and experts believe some may immediately call it quits after seeing the reality of operating in the wake of the coronavirus pandemic.

“As the consumer comes back, it’s not like turning on and off a light switch,” Coresight Managing Director of Luxury and Fashion Marie Driscoll said.

“It is going to be gradual and depending on how gradual it is and how safe consumers feel going back to the stores that is going to influence the productivity of the stores and whether or not there are more store closings and ... bankruptcies.”

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