There is no recovery for office space. The number of people going to the office has declined over the past four weeks.
CMBS delinquency rates for retail properties spiked to 18% and for hotel properties to 24%.
We’ve lost half-dozen retailers — restaurants, clothing, massage… Tenants who in effect said, sue me, I’m taking a hike. And replacement shop tenants are just behind spotted owls on the endangered species list.
Capital values across all segments (retail, office, industrial) already fell by 6.1% over the three months from March to May.
Winners in this crisis: Ecommerce – for retailers that don’t sell men’s office & formal wear – and for sure, lawyers.
The kids are jumping ship and they’re not coming back.
I asked top executives from three tech companies—with a hundred employees, with a thousand, and with many thousands—where they would put their next offices.
Commercial Mortgage-Backed Securities backed by hotel and mall properties get hit the hardest. Mall-REIT CBL failed to make bond interest payment yesterday.
The elevator in a pandemic, and the accidental discovery that many businesses are 90% efficient with employees working from home.
Already troubled asset classes, such as student housing and student housing CMBS, face turmoil.