Senate Republicans failed in their bid to push through their $1.8 trillion economic stimulus package on Sunday as every Democrat in the chamber voted against measures they cited as being insufficient to protect American workers and too generous for large corporations without the necessary safeguards to prevent the money from being used for stock buybacks and executive compensation. That leaves the commercial real estate sector at an uncertain place at a time when many assets are now sitting vacant or underused as tens of millions of Americans are staying home under strict “shelter-in-place” measures across the country designed to slow the spread of the virus.
It’s a new decade, a new era, and more professionals are working from home than ever before. Not just because of the recent chaos that has taken our world by storm, but also because, quite frankly, working from home is simply awesome.
Central banks started the new week right where they left off Friday -- massively buying government debt to provide liquidity. Bond yields tumbled in Australia and New Zealand.
Real estate billionaire Tom Barrack said the U.S. commercial-mortgage market is on the brink of collapse and predicted a “domino effect” of catastrophic economic consequences if banks and government don’t take prompt action to keep borrowers from defaulting.
New York Governor Andrew Cuomo said during a daily press briefing that the state had “taken care of the rent issue,” but observers were left wondering what he meant, reports The Real Deal. Chicago Crain’s Business asks whether this is the kind of market in which Sam Zell will be dusting off his dancing shoes. And landlords are grappling with how to operate under eviction moratoriums that have emerged across the country, according to Bisnow. These are among today’s must reads from around the commercial real estate industry.
