What Took so Long? After Years of Brick & Mortar Meltdown Punctuated by the Pandemic, Two Mall REITs File for Bankruptcy by Wolf Richter • Nov 2, 2020 • 152 Comments CBL and Pennsylvania Real Estate Investment Trust were both toast before the Pandemic. The banks are stuck.
The State of American Restaurants, by City, November Update by Wolf Richter • Nov 2, 2020 • 178 Comments “Seated diners” get scarcer again as new Covid cases surge.
High Times in the Plague Year: Booze & Cannabis Retailers Shine by John McNellis • Oct 31, 2020 • 98 Comments Landlords already know this: People are getting more toasted than Wonder Bread.
Jingle Mail Haunts Commercial Mortgage-Backed Securities as Property Values Get Slashed Below Loan Amounts by Wolf Richter • Oct 26, 2020 • 125 Comments At the time of securitization into CMBS a few years ago, inflated collateral values led to soothingly low loan-to-value ratios. Then trouble hit.
How Fast Can a “Shortage” of Office Space Turn into a “Glut?” San Francisco Shows How Fast by Wolf Richter • Oct 25, 2020 • 104 Comments Commercial real estate is in turmoil, but San Francisco’s glut is dwarfed by the fiascos in Houston and Calgary.
Down-to-Earth View of the “Recovery” in Near-Real Time, Eight Months into the Pandemic by Wolf Richter • Oct 21, 2020 • 112 Comments As seen by indicators that have sprung up as a result of the Pandemic.
Synchrony Financial Disclosed Radical Work-from-Home Plan, Layoffs, and “Office Footprint” Reduction by Wolf Richter • Oct 20, 2020 • 168 Comments Landlords and their lenders who’re still thinking work-from-home is just a blip will undergo a reckoning in due time.
Highly Leveraged Commercial Real Estate Bets that UK Local Authorities Took to Meet Budget Shortfalls Begin to Unravel by Nick Corbishley • Oct 13, 2020 • 61 Comments With impeccable timing.
Two San Francisco Hiltons Add to Woes of Commercial Mortgage-Backed Securities. Special Servicing Rate of Hotel CMBS Spiked to 26% by Wolf Richter • Oct 12, 2020 • 84 Comments Four of the six hotels that REIT Park Hotels & Resorts owns in San Francisco are closed, with convention & business travel at near-zero.
Microsoft Offers Permanent Work-from-Home Option with Pay-Cuts if Employees Move to Cheaper Cities or Countries by Wolf Richter • Oct 9, 2020 • 205 Comments “Hybrid workplace,” it calls it. The trend for many companies with office workers and enough tech savvy to pull it off. A nightmare for landlords.
