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April 6, 2020

Could The Coronavirus Be A 'Turning Point' For New Yorkers To Leave En Masse?

Tomorrow Join Bisnow's NY Virtual Town Hall featuring Empire State Realty Trust and Skanksa: Leading from afar, building sustainable, Local Law 97 & the office environment post-COVID-19

At first, Campbell Will and his wife, Claire, were planning to stay in New York as the coronavirus pandemic raged through the city. But within days, the Manhattan café where he was working shut down. His nascent corporate wellness business, needing yoga studios and gyms and live customers, could go nowhere.

Could The Coronavirus Be A 'Turning Point' For New Yorkers To Leave En Masse?

Although they had a sublet room in the city until the end of April, they decided to decamp to Claire’s parents’ house in Philadelphia, where the entire family has now converged. There are nine of them living together now, including two children under age 2.Campbell specializes in teaching breath work, and…

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NY Industrial May Become Increasingly Vertical As Market Reaches New Heights

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As the demand for industrial real estate in New York grows, key players in the market say the only way for it to meet it is to reach new heights. The prospect that the city will rezone is slim, and industrial real estate builders need to find inventive ways to meet…

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Funding For Affordable Housing Likely To Shrink As Recession Takes Hold

Although all of commercial real estate has entered the world of uncertainty that is April 2020, it can be safely said the affordable housing crisis isn't going anywhere. How equipped the multifamily sector is to address that crisis amid the ongoing coronavirus pandemic is much more open for debate.

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Delays Hit More Than 50% Of Apartment Construction Firms

A majority of companies doing multifamily construction projects are experiencing delays because of the coronavirus outbreak, according to a new survey by the National Multifamily Housing Council.

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'GAWD': Economists React To March Jobs Report On Twitter

 

Nonfarm payroll employment fell by 701,000 in March, ending the longest streak of monthly job gains in U.S. history at 113 months, the U.S. Bureau of Labor Statistics reported Friday.

The unemployment rate rose to 4.4%.

The construction industry, which was classified as essential in many markets across the country, lost 29,000 jobs. Construction employment had increased by 211,000 jobs over the previous 12 months.

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My New Normal: Prestbury Investment Chairman Nick Leslau

 

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.

The pressures of running a listed company in a time of crisis can find you anywhere, even if you’re working from home in the idyllic English countryside.

Prestbury Investment Chairman Nick Leslau said he is lucky that for him, lockdown means working from a floating office where he can cast a line and fish for carp. 

But from there he has being fielding calls from panicked investors pushing down the share price of Secure Income REIT, the listed company Prestbury manages. The company has a market capitalisation of £1B and owns assets including Alton Towers, Manchester Arena and a portfolio of private hospitals. 

This crisis will likely throw up opportunities longer-term, but it also could instigate a period of austerity for the UK and countries around the world not seen since the Second World War, Leslau said.

And like hundreds of millions of people around the world forced to stay at home at the moment, he has one wish above all: to see the family from whom he is separated.

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