{"id":1004420095,"date":"2020-04-17T05:11:28","date_gmt":"2020-04-17T13:11:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004420095"},"modified":"2020-04-24T04:50:30","modified_gmt":"2020-04-24T12:50:30","slug":"weekly-trends-april-13-17","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/weekly-trends-april-13-17\/","title":{"rendered":"Trends of the Week"},"content":{"rendered":"
\"\"

Jerome Powell, Chair, Federal Reserve. Image courtesy of Federalreserve via Flickr<\/i><\/p><\/div>\n

Commercial real estate executives endured another week of non-essential business closures and overall economic disruption brought on by the coronavirus pandemic. But stakeholders still seem comforted by two notions: This is a temporary condition and, unlike 2008, this is not an “economic recession.” Here are three key trends that shaped the news this week:<\/p>\n

1. Reopening the Economy Is On the Table, But It Could Be Just Talk<\/strong><\/p>\n

As the president of the United States and governors start to plan for reopening the economy, commercial real estate owners started thinking about how their properties would operate under \u201cthe new normal\u201d since social distancing and increased cleanliness regimens are expected to continue even when non-essential businesses resume. Returning to normal, however, is still a tentative reality in most places. Just days after joining an alliance with Connecticut, Rhode Island, New Jersey and Delaware to coordinate reopening, for instance, New York\u2019s Governor Andrew Cuomo extended the non-essential ban until May 15.<\/p>\n

Related Articles:<\/strong><\/p>\n

Trump\u2019s Opening<\/em> the Country Council Includes Roster of His Real Estate Allies <\/a>
\nCommercial Observer<\/em><\/p>\n

Hudson Yards Owner Says Workers Must Return to Offices Before Malls Can Reopen in Post-Coronavirus World  <\/a>
\nCNBC<\/em><\/p>\n

Fitness Center Amenities FAQ During COVID-19<\/a>
\nMultiHousing News<\/em><\/p>\n

Governors Are Banding Together on Coronavirus Response. That’s Been the Case in the D.C. Area From the Get-Go.<\/a> 
\nWashington Business Journal<\/em><\/p>\n

What to Expect When You Get Back to the Office After Lockdown<\/a> 
\nBloomberg<\/p>\n

2. Rent Deferment is the Buzz for Investors, Tenants and Lenders<\/strong><\/p>\n

Landlords are increasingly concerned about residential and commercial tenants’ ability to pay rent and how it will impact their ability to cover expenses and loan obligations. April receipts were sketchy, though not as bad as some landlords thought. But with many buildings still shuttered and another 5.2 million workers filing for unemployment benefits last week, May looks troublesome. <\/p>\n

Landlords, therefore, are talking closely with tenants to work on deferment–not forgiveness–plans. But they must also consult with their lenders to make sure they don\u2019t violate the terms of their loan or their own forbearance agreements.<\/p>\n

Related Articles:<\/strong><\/p>\n

Restructuring Commercial Real Estate Leases During COVID<\/a> 
\nLaw 360.com<\/em><\/p>\n

April Rent Payments Hit 84 Percent<\/a> 
\nMultiHousing News<\/em><\/p>\n

Boston Landlords Leery Of State Coronavirus Eviction, Mortgage Moratorium<\/a> 
\nBisnow<\/em><\/p>\n

What Is a Force Majeure Clause, and What Does It Mean for Mortgages?<\/a> 
\nRealtor.com<\/em><\/p>\n

2. The CRE Mortgage Market Is Stable…For Now<\/strong><\/p>\n

There is new stability in the commercial real estate market now that the Fed has expanded the Term Asset-Backed Securities Lending Facility or TALF” for AAA-rated CMBS and some CLO paper. Meanwhile, lenders are willing to work with proactive borrowers on forbearance, and most , with the exception of conduits, are still lending to strong sponsors albeit with tighter underwriting standards. But as the economy continues on pause, there is growing concern about potential defaults, particularly in the hotel and retail property markets, and the damage that will do to the commercial mortgage market.<\/p>\n

Related Articles: <\/strong>  <\/p>\n

U.S. Commercial RealEstate Braces For Defaults as Pandemic Cuts Cash Flows<\/a>
\nMarketWatch<\/em><\/p>\n

Who’s Lending and Who Isn’t?<\/a> 
\nCommercial Property Executive<\/em><\/p>\n

Times Square hotel first to seek special CMBS loan servicing during coronavirus pandemic <\/a>
\nNew York Post<\/em><\/p>\n

\n

TALF just lip service for CLOs<\/a> 
\nGlobal Capital<\/em><\/p>\n

News ‘Father Of CMBS’ Ethan Penner Says CMBS Structures Need Major Overhaul <\/a>
\nBisnow<\/em><\/p>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Good news from the Fed. Landlords and tenants work it out. Could reopening be in sight? 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