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June 18, 2020

Loft Offices And Boutique Buildings Can Pave The Way For The Return Of CBD Office Workers

[Webinar] Will The Next Wave Of Buildings See An Uptick In Open Air Designs? Find Out At How To Build And Market Healthy Buildings: A CRE Case Study June 23

The Pritzker administration’s ruling that office workers could return to their workplaces this month resulted in a slow trickle back downtown. Many landlords and tenants say they are going to take it slow, and learn how well offices can function with the necessary health and safety restrictions before they hit 50% capacity, the current limit mandated by the state.

As the downtown repopulates, owners of its loft-style buildings, along with developers of new, boutique offices, say workers will find it easier to come back to their properties. Cramming onto elevators is not required, and with keyless access points, tenants can get in and out each day with a minimum of personal contact. The low-rise buildings also provide more light and air than traditional office towers.

“You can walk out by hustling down a few stairs, instead of getting in an elevator and having to walk through a lobby, so people will feel more comfortable coming back to our buildings than ones with thousands of people,” North Wells Capital Principal of Asset Management Tony Lindsay said.

Loft Offices And Boutique Buildings Can Pave The Way For The Return Of CBD Office Workers

His Chicago-based firm, the investment management affiliate of Urban Innovations, which in the 1980s pioneered the use of River North lofts, owns 10 buildings in that neighborhood and has a total of 145 tenants.If workers in loft offices return at…

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Pandemic Brought Back Bad Memories Of Great Recession, But Industrial Equity Partners Have Returned

Industrial owners and investors felt the economic shocks of March like everyone else, and many feared 2020 would be a rerun of the 2008-2009 collapse. But they quickly regained confidence as essential goods flowed through distribution centers and millions of homebound consumers became even more comfortable buying goods online.

“Our equity partners have said to us — ‘Keep going’ — so we don’t see this as a 2008-type event,” Dayton Street Partners principal Michael Schack said Wednesday during Bisnow’s Chicago Deep Dish: The Future of Industrial webinar. “We didn’t slow down at all.”  

Pandemic Brought Back Bad Memories Of Great Recession, But Industrial Equity Partners Have Returned

The company just signed a full-building lease with a tenant for a newly constructed distribution building on Chicago’s North Side and is getting ready to purchase more land for development in several submarkets, he added.CA Industrial President Michael Podboy

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Restaurants Scramble To Make Outdoor Dining Safer

Al fresco dining was once mostly a pleasant afterthought for American restaurants, but with sales losses estimated at $120B during the first three months of the coronavirus pandemic, outdoor seating is now a key component of keeping some eateries alive.

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As Diversity Takes Center Stage, Service Workers Push For Better Wages, More Protections

 

As civil unrest and inequality rivet the nation, America's largest union of building maintenance workers is pushing for higher wages and better protections.

Tuesday was "Justice for Janitors Day," the anniversary of a 1990 incident in which protesting janitors were beaten by Los Angeles police. The event sparked union membership and eventually, reforms.

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Alternative Lenders On Bank Slowdown: 'This Is Our Super Bowl'

Bank lending to commercial real estate is still moving at a snail's pace, so it will fall to private lenders to come up with creative financing solutions as the coronavirus continues to wreak havoc on the economy. 

"Banks are not known to innovate, that's not what they do," Dan Palmier, the founder and CEO of Boston-based alternative lender UC Funds, said on Bisnow webinar last week. "This is our Super Bowl."

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Already Stressed CRE Prepares For This Year's Power Shut-Offs

CALIFORNIA — Already shaken by a pandemic and recession, California commercial real estate is nevertheless still prepared for fire season power blackouts.

Fewer people may be affected this year. Since the last of Pacific Gas & Electric Co.'s fire-preventive power shut-offs in November 2019, the utility company says 2020 shut-offs should reduce the number of customers affected by a third, according to PG&E spokesman Jeff Smith.

But with many people now working from home, and fewer places where they could work remotely open, the pressure on California to maintain a steady power supply is growing.

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Banks Shaking Off Lending Cobwebs, Starting With Multifamily

 

NEW YORK CITY — Through March and April, the institutional lending market was all but frozen. But as New York City prepares to enter Phase 2 of its reopening, the frost is cautiously thawing. Lending output has increased, showing signs of new life in the market as the city rolls into the summer.

Over the past month, brokers have seen more interest from banks in placing loans, they told Bisnow. Where they have decided to put their financing gives insight into the safest asset classes to come out of this unprecedented event, multifamily top among them. 

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