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July 1, 2020

Construction Projects (Mostly) Keep Chugging Forward Despite Coronavirus Fears

Gov. J.B. Pritzker won applause from developers and trade unions for deciding to allow construction projects to continue even as much of Illinois’ economy shut down. That has kept some of Chicago’s most anticipated skyscrapers on track, but the crushing recession that stemmed from the coronavirus pandemic has cut into demand, and some decision-makers have grown nervous.

Even though most construction will continue unabated, several major projects were halted, and whether the market endures a more severe slowdown may depend on whatever progress is made on developing a vaccine, and if Illinois suffers from a resurgence similar to what’s happening in many states in the South and West.

Construction Projects (Mostly) Keep Chugging Forward Despite Coronavirus Fears

This year’s slowdown has been particularly acute in the residential sector, according to Dodge Data & Analytics. Residential construction starts in the Chicago metro area totaled $1.54B in 2020 through the end of May, a 35% decline from the same period last year. The decline may be accelerating. In May,…

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Freddie Mac Unveils 3 New Multifamily Forbearance Options

Freddie Mac Multifamily has rolled out three additional forbearance options for multifamily borrowers who already have a forbearance plan in place affected by the coronavirus pandemic.

Freddie Mac Unveils 3 New Multifamily Forbearance Options

The options also extend tenant protections. They include delaying the start of repayment following forbearance, an extension of the repayment period itself, or an extension of the forbearance period with the added option of extended repayment as well. As many as 27,000 properties with a population of about 4.2 million renters could…

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U.S. Healthcare Construction's Heartbeat Is Unstable As Pandemic Ravages Sector's Finances

The U.S. healthcare system is battling an invasive sickness that may weaken it for the near future and may alter it permanently.

The novel coronavirus has killed off profit-producing elective surgeries, diminishing revenue in the medical industry. That will ultimately impact everything from patient services to capital project expenditures and healthcare-related construction. 

"As the whole pandemic has evolved, [so] has the impact on hospitals and more specifically their capital expense plans," FTI Consulting Senior Director of FLC Construction Solutions Travis Burggraf told Bisnow.

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Modular Construction Acolytes Think A Rebrand Is In Order

New materials and digital technology are making modular construction a more efficient construction option than before, but there are still obstacles to its growth and acceptance. One of those is the term "modular" itself. The construction method needs a rebrand, experts say, to ditch some old and incorrect connotations.

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'They're Losing Sleep': CRE, Businesses Fret Over New Wave Of Closings

 

As coronavirus cases surge in states like Texas, Florida and California, some phased reopenings are stalling or even being reversed, leaving businesses and property owners uncertain about their future viability.

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My New Normal: Location Ventures Founder Rishi Kapoor

 

This series aims to capture a moment in time, talking to men and women in commercial real estate about how their lives and businesses are being transformed by the coronavirus pandemic.

Location Ventures CEO Rishi Kapoor leads a multifaceted real estate company that handles investment, development, management, and sales and marketing for residential and mixed-use properties, mostly in South Florida.

The company has a development portfolio worth more than $500M, which includes a boutique condominium, a new coworking concept, multifamily projects, some luxury single-family homes and, soon, an urban mixed-use project for young professionals that combines coworking and co-living in one place.

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