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The NY Post covers a few ways CRE is adapting to the current environment. Here are some key notes:

  • Tenants looking for space have to rely on flyers, floorplans, and virtual tours.

  • Brokers and attorneys are working on negotiations to defer rent for a couple months or “blend and extend” leases, where the tenant extends their current lease (many times with concessions).

  • Attorneys receive inquiries for guidance on 1031 exchanges as the Feds have yet to grant an extension.

  • “Pre-CV” and “Post-CV” pricing per Douglas Harmon of Cushman & Wakefield.  “Deals executed or agreed upon in mid-March are being viewed and valued differently than those discussed today or tomorrow”

  • Keith Rubenstein of Somerset Partners predicts that we will see optional pandemic insurance, similar to terrorist insurance, in the future.

#NYPost #Covid19 #Brokerage #1031Exchange

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