Weekly Shorts - April 6th, 2020

Updated: Apr 10, 2020

  • CBRE projects 37% decline in hotel RevPAR for 2020. They believe hotel losses will stabilize by Q3.

  • Industrial & Logistics REIT, Prologis, see's signs of Chinese economic recovery and believes US & Europe will follow a similar path. "Despite lockdowns and travel restrictions, lease-signing in China continued - albeit at a slower pace."

  • FNMA & FMAC are offering mortgage forbearance for apartment owners if they suspend evictions for tenants unable to pay rent due to the coronavirus.

  • Meanwhile, U.S. mall owner, Taubman, is telling tenants they must pay rent.

  • Last week national restaurant chain Cheesecake Factory publicly announced it would not be paying any rent during April. Perhaps, opening the door for other retailers to follow suit.

  • Real estate gears begin to turn again in NYC as brokers are now considered "essential business." Appraisals, inspections & showings may resume.

  • National asking cap rates in the NNN-lease sector increased during Q1 with Retail at 6.15%, Office at 7%, and 7.05% for industrial properties.

Courtesy of The Boulder Group

#NNN #NYC #Prologis #Taubman #Malls #Covid19 #CBRE #Hotel

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