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November 25, 2020

The Urbanization Trend Will 'Re-Emerge With A Vengeance' After The Pandemic, CRE Experts Say

[Digital Summit] Join Bisnow Multifamily Midwest: Property Management, Development, Investment & Technology Dec. 3

The city of Chicago faces a long winter with diminished economic prospects, but conditions are set to improve with a vaccine and a return to something resembling normal life next year, according to experts. The strengths that transformed Chicago into a destination for so many corporations should allow it to revive, even if memories of the coronavirus pandemic bring a few permanent alterations to the office environment.

“I don’t see the demise of people coming into cities or coming into the office,” World Business Chicago President and CEO Andrea Zopp said last week during Bisnow’s Chicago State of the Market Digital Summit.

The Urbanization Trend Will 'Re-Emerge With A Vengeance' After The Pandemic, CRE Experts Say

What has remained constant is the desire to visit restaurants and the city’s many cultural institutions and to interact with colleagues face-to-face during working hours, she added. Those desires are just waiting to be uncorked when it’s safe, Zopp said. Others agree.“I think there is going to be a deep well of demand…

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Sterling Bay Completes $110M Sale Of Lincoln Yards Property

Sterling Bay Completes $110M Sale Of Lincoln Yards Property

The Chicago office market may be struggling with the impact of the coronavirus pandemic, but out-of-state investors keep showing great interest in certain local properties.Sterling Bay completed the $110M sale of 1515 West Webster Ave., the first building at its Lincoln Yards mixed-use development. Like its McDonald's Corp.…

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Waiting For Conditions To Improve Could Compound Problems For CMBS Lenders In Struggling Sectors

The coronavirus pandemic has decimated retail and hospitality buildings’ cash flows and thus their owners’ ability to pay back their loans.

Commercial mortgage-backed securities backed by retail and hotel properties have gone delinquent and been sent to special servicing this year at a higher rate than ever before. Until the property owners either get some form of financial relief from the federal government or the economy returns to pre-pandemic conditions, the situation has little hope to improve.

Trying to wait out the market slowdown or fight through the difficulties for too long can actually worsen the problem. In some cases, CMBS bondholders will never recoup the losses they are incurring right now, and the pain in the market could affect the investment landscape for years. 

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Origin Stories: Amanda Clack’s Journey Has Taken Her From Classical Pianist To CBRE Via 10 Downing St.

 

This series delves into the myriad ways people enter the commercial real estate industry and what contributes to their success.

CBRE Executive Director and Head of Strategic Consulting Amanda Clack has had a passion for real estate since childhood — but for a while, a career in music rivalled one in real estate. 

The concert hall’s loss has been property’s gain in an advisory and businesses transformation specialist who now sits on the agency giant’s UK board, and who during her career has been a key adviser to the office of the UK prime minister and was only the second global president in the 135-year history of the Royal Institution of Chartered Surveyors.  

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