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Friday, May 22nd, 2020

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Posted by: | Posted on: May 22, 2020

How to Tell Which CRE Firms Will Survive

As businesses begin reopening in different regions of the country, some commercial real estate firms are better prepared to weather the uncertain environment than others.

“The bigger the investment, the better off you will be, and the old adage of ‘diversity’ proves itself once again,” says Jeff Holzmann, CEO of real estate asset management firm IRM, which manages more than 250 projects totaling more than $2 billion in asset value across multifamily, hospitality, retail, industrial and office. “If you have invested in a portfolio of assets across the country, some assets will do better than others.”

But if your assets sit in hard-hit areas, such as the Northeast, you could be in trouble.

“If you have a real estate position in a narrow, localized market, then it’s going to be a hit-or-miss depending on the nature of the measures currently in place to fight COVID-19 in that area,” Holzmann says.

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Posted by: | Posted on: May 22, 2020

CIM Group Tops Out Mixed-Use Development in Wynwood Arts District

CIM Group has topped out construction on a new development in the Wynwood Arts district.

The mixed-use development has 60,000-square feet of office space, 27,000-square feet of retail space, 480 parking spots and 257 apartments. Located on a 1.78-acre site at 2201 N. Miami Ave., the area stretches the city block between NE 22nd and NE 23rd street. The street-level retail space will take up 250 linear feet of frontage on N. Miami Avenue to the west and Brightline Rail to the east.

The Wynwood Arts District is an area in Miami known for its arts and culture. Previously an industrial enclave, it’s become home to Art Basel, one of the largest street art installations in the world, and now houses art galleries, shops and restaurants in repurposed factories and warehouses. CIM Group has been involved in projects in the greater Miami area for about 10 years.

The

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Posted by: | Posted on: May 22, 2020

Here are the States that Can Best Weather the Pandemic

With a health crisis and an economic crisis raging at the same time, picking the most resilient markets is hard. You can’t just study economic statistics. You also need to cull the health data and look at the impact of the stimulus.

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Posted by: | Posted on: May 22, 2020

Industrial May Be Solid Now But Leases Have Stalled and Rents are in Decline

A new report from the REIS team at Moody’s Analytics says to expect a delay before any slowdown in the industrial real estate market surfaces in the wake of the COVID-19 pandemic since leases are locked in and the economic slowdown’s impact on trade has thus far been ambiguous.

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Posted by: | Posted on: May 22, 2020

CBO Projects 15.8% Unemployment Rate by Q3

The Congressional Budget Office estimates that the nation’s real gross domestic product will drop 11% during the second quarter of 2020 in new economic projections that factor in the impact of the COVID-19 pandemic. 

The projected second quarter contraction is equivalent to an annual decline of 38%, according to the CBO.

The new report also projects that social distancing policies that virtually shut down the nation’s economy during the first quarter of 2020 will cost more than 25 million people their jobs by the end of the second quarter this year. It projects that unemployment — which rocketed from 3.5 % in February to 14.7 % in April —  will continue rising to 15.8 % in the third quarter before the labor market will stabilize.

Job losses were not uniform but were concentrated in industries that rely on “a high degree of in-person interactions,” including leisure and hospitality, retail trade,

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