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May 13, 2020

Children’s To Delay, Suspend Some Real Estate Projects Amid Financial Woes

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Children's National Health System is losing about $1M a day as the pandemic is lowering the number of non-COVID-19 patients visiting hospitals, and this appears to be slowing its real estate expansion plans.

Children’s National To Delay, Suspend Some Real Estate Projects Amid Financial Woes

The hospital has suspended or delayed about three dozen capital projects because of the financial hit it is taking from the coronavirus, Children's National Chief Real Estate and Facilities Officer Charles Weinstein said on a Bisnow Town Hall webinar Tuesday."It looks like a lot of those projects are going to…

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Office Building Near Union Station Eyed For Hotel, Retail Redevelopment

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An office building near Union Station that is losing its federal government anchor tenant could soon undergo a major redevelopment.The RMR Group filed an application with the Board of Zoning Adjustments seeking to rezone the site at 20 Massachusetts Ave. NW to increase the building's height and…

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Worst-Case Scenarios: Navigating The ‘What Ifs’ Of Coronavirus

PRESENTED BY:   Goulston & Storrs
 
Worst-Case Scenarios: Navigating The ‘What Ifs’ Of Coronavirus

Before the coronavirus hit, the real estate industry was riding an all-time high. Global CRE investment was at its highest level everhomebuilding was up, and developers were eager to use the industry’s continued momentum to get new projects financed and off the ground.But now, developers, investors and building owners…

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Push For Supply Chain Resilience, Reshoring Likely To Boost Industrial CRE

The coronavirus pandemic has left hundreds of U.S. manufacturers examining how to bring at least some of their operations and real estate footprints home.

Nearly two-thirds of North American manufacturers say they are likely to bring production and sourcing back to the continent, a new survey by industrial data and tech company Thomas shows. The company surveyed over 1,000 of the continent's manufacturing and industrial suppliers, with the help of business-to-business data gathered on Thomasnet.com.

Colliers International Senior Vice President Gregory Healy, an expert in location strategy and supply chains, said a push for supply chain resilience will lead to an additional 750M SF to 1B SF of industrial space in the U.S. alone, as companies look to foster safety stocks of inventory in the already growing U.S. industrial CRE sector. 

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My New Normal: 9 Questions With Vocon Principal Tom Vecchione

 

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.

When New York enacted a stay-at-home order back in March, Vocon principal Tom Vecchione traded in the commercial architecture firm's Fifth Avenue office for a Long Island beach house overlooking the Atlantic, where he works from home. Steps away from sandy shores and miles away from the eastern shore of Long Island's famous lighthouses, Vecchione thinks about what awaits the future of the city that never sleeps when it opens back up and he returns. 

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Facing Budget Shortfall, Economic Development Team Tries To Drum Up Business

 

LONG BEACH, CALIFORNIA — Long Beach Economic Development Director Sergio Ramirez has been pounding the streets.

Not a day has gone by since the coronavirus shut down businesses more than a month ago that Ramirez hasn’t been on the phone with a developer, business owner or prospective client about the city of Long Beach

“We’re still open for business,” Ramirez said. 

There is a sense of urgency in his voice.

Like many cities across the country, Long Beach has been hit hard by the stay-at-home orders that have kept people indoors and either shut down or limited business operating hours.

Budget season is right around the corner and many municipalities and states are reporting severe shortfalls. The city of Los Angeles is forecasting a $230M shortfall. Fresno’s budget is down about $39M for the rest of this fiscal year and through the next year, according to a report from the U.S. Conference of Mayors. Mesa, Arizona, is projecting $45M in revenue loss. 

“For Long Beach, we’ve lost ToT, tourism, airport and sales tax,” Ramirez said. “Like all the cities, all the major forms of revenue have been completely hit very hard. We’re going to have to look now how we’re going to create more revenue.”

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