- Restaurant owners are cutting deals and feeling optimistic about a pandemic recovery “A key indicator of the industry’s health can be found in liquor licenses, whose prices in Pennsylvania are based on supply and demand. In February 2020, a high point in the open market, a restaurant license in Philadelphia County would sell for about $185,000. Right now, several are available at $135,000 to $145,000, said Edward Taraskus, a Philadelphia lawyer who specializes in liquor law. Prices in the Pennsylvania suburbs fell, but only modestly, he said.” (The Philadelphia Inquirer)
- Three-Quarters of Multifamily Construction Firms Are Reporting Delays “The majority of those surveyed reported delays of a year or less, with 65% indicating less than six months—the highest share since the question was added, according to NMHC. An additional 30% reported delays of between six and 12 months, up from 21% in the survey’s last round of questioning.” (GlobeSt.com)
- Analysis: COVID-19 Relief Signals New CRE Policy Regime “The commercial real estate industry has a wish list of legislative priorities that includes a mix of program funding and regulatory relief. As new outlays have been scarce in recent years, the industry’s success in Washington has mostly come via tax and regulatory issues. However, COVID-19 has transformed the policy dynamics.” (Commercial Property Executive)
- The Strange Saga of Amazon's Virginia Real Estate Deals “According to court documents, Amazon investigated and concluded that Northstar had charged it exorbitant leasing fees and then secretly funneled some of those ill-gotten gains back to the Amazon employees.” (Bloomberg)
- Fitch examines how work-from-home will impact CMBS credit ratings “The moderate scenario assumes employees work remotely 1.5 days per week, or a 20% decline in office workers and a 10% decline in office space demand. (Fitch expects that space may not shrink in direct proportion to the number of workers in the office.)” (Seeking Alpha)
- ‘She Wants Well-Qualified People’: 88 Landlords Accused of Housing Bias “The suit recounts dozens of conversations recorded by investigators, who posed as prospective tenants, that detail the extraordinary challenges faced by renters using Section 8, essentially a guaranteed rent check from the federal government that has been a pillar of rental support for many American families.” (The New York Times)
- PREIT writes down Fashion District mall value by $148M as virus onslaught keeps hurting retail “The Fashion District writedown accounted for almost three-quarters of PREIT’s net loss of $202.1 million for the three months ended Dec. 31, which compares with a net loss of $21.7-million during the same quarter a year ago. The drop was also driven by lost revenue from bankrupt clients and ongoing pandemic-related store closures, PREIT said in a release. (Philadelphia Inquirer)
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