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The week in global real estate - 26 May 2020
A weekly update of the biggest real estate news from around the globe.
Institutional investors / REITs
NAREIT announced the level of rent collected by United States’ REITs was about the same in May as it was in April. Industrial REITs received 96%, apartment REITs 95% and office REITs 92%. Retail REITs have been the hardest hit, collecting 70% for freestanding properties and 48% for shopping centres. More info here.
Moody's is reporting $32B of commercial property loans in the United States were in special servicing during May. Special servicing is when borrowers seek relief on loans bundled into mortgage-backed securities. More info here.
Student accommodation investors in the United States may be impacted by more colleges running online classes. More info here.
Goldman Sachs has launched a $2.75B fund targeting cash-deprived secondary investors who require funds to continue through the coronavirus crisis. More info here.
Microsoft’s CEO has warned against permanent work from home. He warned in an interview that permanent working from home could negatively impact social interactions and mental health. More info here.
Citigroup is considering suburban offices to accommodate employees who are too nervous to commute into downtown Manhattan. More info here.
Facebook is considering a long-term move towards more work from home. The move might take 5 to 10 years to implement. More info here.
Facebook is planning remote work hubs in Dallas, Denver and Atlanta. More info here.
Mastercard is allowing staff to work from home until a COVID-19 vaccine becomes available. They expect their offices will be operating at 30% capacity for the foreseeable future which may create opportunities to consolidate their footprint. More info here.
Shopify is moving the vast majority of its employees to permanent remote work. More info here.
Twitter’s CEO will allow staff to continue working from home permanently. He said the past few months had proven their work from home model, so employees with suitable roles are welcome to either work from home or Twitter’s offices. More info here.
Uber is cutting 3,000 more jobs, less than two weeks after an initial round of layoffs. They are also planning to shut or consolidate 45 offices around the world. More info here.
The Wall Street Journal has speculated that the popularity of shared coworking offices might reduce in the aftermath of the coronavirus. More info here.
Building owners in the United States are reviewing continuous disinfection technology to assist with office hygiene. More info here.
Singaporean lobby group Fair Tenancy Framework Industry Committee has proposed setting up the Fair Tenancy Committee to provide more equitable sharing of information between tenant and landlords, such as rental and performance data. More info here.
Amazon has created a homeless shelter inside one of its headquarters buildings in Seattle. More info here.
Victoria’s Secret is planning to close 250 of their 1070 stores in the United States. More info here.
Department store owner JCPenny is planning to create a REIT with its real estate assets as part of its bankruptcy restructuring. More info here.
The Mall of America has missed two months of mortgage payments on its $1.4B mortgage. More info here.
Wesfarmers is closing 75 Target stores in Australia and converting 92 into Kmart stores as part of a massive restructure. More info here.
Start-up urban farming firms are proposing use of underground spaces in cities for farming. Examples include using underground car parks to grow mushrooms and endives. More info here.
The Trump administration has ended a two-year rent holiday for solar window projects on federal land. Operators are also facing retrospective rent bills. More info here.
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