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January 7, 2021

More Help For Restaurants May Be On The Way, But It May Not Arrive In Time

[Digital Summit] Blue Vista, McCaffery Interests, Waterton & More Discuss Chicago's 2021 Economic & Political Forecast Jan. 14

The $900B government aid package passed by the U.S. Congress in December will include a roughly $280B lifeline to small businesses, but more will probably be needed while the coronavirus pandemic rages, according to commercial real estate experts.

This week’s election of two additional Democrats to the U.S. Senate increases the chances that additional help will be forthcoming.

“I feel more optimistic now than at any point since this crisis started,” JLL Chief Economist Ryan Severino said. “I think small businesses have a chance to hang in there.”

More Help For Restaurants May Be On The Way, But It May Not Arrive In Time

The switch from Republican to Democratic control makes it more likely the $900B package, which also includes a $300 boost to unemployment benefits for 11 weeks, will be just the first step of many since spending packages can be passed with simple majorities, Severino said. And he believes there really isn’t any other…

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Democrats Win Control Of The Senate, Paving Way For Biden Agenda

Democrats have retaken the U.S. Senate after Raphael Warnock and Jon Ossoff both unseated Republican incumbents, giving the party control of Congress and the White House and a path to pass sweeping legislation. The Associated Press declared Ossoff the victor in his race over Sen. David Perdue Wednesday afternoon.

Vice President-elect Kamala Harris will be the deciding factor in any vote in the Senate that has a 50-50 tie, with Ossoff and Warnock replacing Perdue and Sen. Kelly Loeffler.

The wins put Democrats in control of the presidency, the Senate and the House of Representatives for the first time since 2009 and position President-elect Joe Biden to enact major economic policy changes that will impact commercial real estate, including changes to the tax code that could roil investment markets.

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Real Estate's Next Generation Pick The Big Stories For 2021 And Beyond

 

LONDON — Tired of bland predictions from the usual cast of conservative senior real estate leaders? To get fresh insight, Bisnow canvassed a group of younger professionals who will be at the forefront of shaping the sector in the decades to come to get their view on the big stories to watch in 2021 and beyond.

Read the full story here.

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