Many lenders that hit the pause button on new originations at the start of the pandemic are stepping back into action, albeit with a more conservative playbook than they had at the start of the year.
CBRE estimates an additional 75 million to 100 million sq. ft. of cold storage space will be needed to serve the increase in online consumer food sales. “I think given the fundamentals and secular shifts at play, cold storage will experience steady growth over this period, as well as long term,” says Chicago-based Matthew Walaszek, CBRE associate director of industrial and logistics research.
While local, state and national leaders are tailoring strategies to respond to COVID-19, most agree on one thing: You still need to get outside to connect with nature and your neighbors while getting exercise to maintain your physical and mental health. With that renewed connection to the outdoors, one impact of the crisis we’re seeing in the early design responses to the crisis is based on that fundamental, health-based connection to the outdoors—resulting in more adjacent outdoor space for office buildings, more plaza and sidewalk dining in retail, and more parks and greenspace in private—and public-sector real estate strategies.
Saks Fifth Avenue owner Hudson’s Bay denied allegations in a lawsuit that an internal restructuring amounted to a move to strip the company of its assets and impair collateral for a loan to subsidiaries of a real estate joint venture.
Bank of Nova Scotia’s quarterly earnings plunged 41% after the lender set aside a record amount for loan losses, giving investors their first indication of how the coronavirus pandemic will affect fiscal second-quarter results at Canadian banks.
New analysis from CoStar showed that 14 of the 20 largest mall tenants are either apparel retailers or department stores, including several names that have now filed for bankruptcy. The National Association of Home Builders index on build confidence has fallen to Great Recession levels, reports Million Acres. These are among today’s must reads from around the commercial real estate industry.
