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The smart folks at RCLCO have begun to think about what the recovery is going to look like, which real estate segments will be the winners and losers in the “Great Lockdown,” and what is happening in the real estate capital markets. Based on RCLCO’s extensive interviews and conversations with real estate executives across the country, property-/project-level revenues during the “shut down” period for selected real estate sectors could vary significantly:
But a boon to others, as the shift online speeds up. As America enters a second month in hibernation, the crushing effects of the covid-19 pandemic on retailing are becoming dramatically apparent. For retailers that do not sell groceries and household goods, sales have dried up, not so much overnight as within hours. For those without much in the way of online operations, they have vanished altogether. And for those that were already struggling, including some of America’s best-known names, the future looks especially bleak.
Roark Capital Group, a private equity firm based in Atlanta, has invested $200 million in The Cheesecake Factory Inc. (Nasdaq: CAKE), owner and operator of the chain of restaurants of the same name. The company also owns and operates the North Italia chain, as well as a collection of restaurants within the Fox Restaurant Concepts subsidiary. The company company indicated that its comparable sales in March were down 46 percent from March 2019, and has sent letters in March to its landlords and property managers informing them it would not pay its April rent due to hardships from COVID-19.
Although most Americans have retreated to single-family homes, about a quarter cannot. For the nearly 70 million people in multifamily buildings, isolation is often impossible and tensions are unavoidable.
As a result of the COVID-19 pandemic, 56 percent of apartment developers reported construction delays, according to a survey by the National Multifamily Housing Council (NMHC). Of those reporting delays, 70 percent said they were experiencing delays in construction starts, an 11 percent increase from a NMHC survey conducted the end of March. The survey found that 77 percent of respondents are experiencing issues with permitting; 28 percent suffer a lack of materials that is impacting construction operations; and 44 percent indicate that labor restraints related to the virus outbreak are affecting construction operations.
Mill Creek Residential, a Florida-based multifamily development firm, has launched a joint venture with Canadian global investment firm Quadreal Property Group. The two companies have partnered on an initiative to invest up to $421 million in the development and operation of apartment communities in targeted U.S. markets over the next two to three years. Specific target markets were not identified. The joint venture has already acquired land for its first development. Modera Six Pines will be a 429-unit multifamily project in The Woodlands, Texas, located about 30 miles north of Houston.
In this interview, Wendell Cox talks about Demographia’s latest housing affordability which covers Australia, Canada, China (Hong Kong), Ireland, New Zealand, Singapore, the United Kingdom and the United States.
s a city and an urban region, Montreal has systematically registered some of the lowest homeownership and rental-housing prices for successful cities of similar size in North America. The contrast with Montreal’s principal rival, Toronto, is striking. A comparable three-bedroom condo in a comparable central city neighborhood currently goes for almost double the price (purchase or rental) in Toronto. The difference has remained stable over two decades, suggesting factors that go beyond cyclical demand.
How can we reduce the threat of future pandemic and bring the world’s cities back to those halcyon pre coronavirus days? Almost assuredly, this is worth a massive increase in public-health-related spending. America’s nineteenth-century cities became healthier only because they spent as much on clean water as the federal government spent on everything else, but for the post office and the military. COVID-19 has destroyed trillions of dollars of shareholder value and generated a several trillion dollar bailout. It makes sense to spend billions to avoid future losses of trillions.
Christiana Figueres and Tom Rivett-Carnac imagine what life on earth will be like in 2050 if we don’t take rapid action to cut emissions. In many places around the world, the air is hot, heavy, and depending on the day, clogged with particulate pollution. Before opening doors or windows in the morning, people check to see what the air quality will be. When storms and heat waves overlap and cluster, the air pollution and intensified surface ozone levels can make it dangerous to go outside without a specially designed face mask.