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Posted by: | Posted on: September 24, 2020

The Percentage Lease Concept is Poised to Spread

The pandemic has opened the door to a whole host of negotiations about rent abatements, other concessions and lease adjustments between retail landlords and their tenants. 

“The pandemic has highlighted the need for many leases to have a greater degree of flexibility to accommodate significant business interruption better,” says Omar Eltorai, market analyst at Reonomy.

Eltorai says the pandemic has produced a greater interest in more flexible lease terms. Now, he expects the percentage lease concept to grow more popular. “While not new, the percentage lease concept will likely become more widespread – particularly in retail,” he says. 

Percentage have generally only existed for large retailers, according to Eltorai. “The way that the leases work is that they have one fixed rent component and one variable rent component,” he says. “The fixed component is the base rent, which is generally below market rate, and then the variable component is a

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Posted by: | Posted on: September 24, 2020

See What COVID-19 Has Done to 2021’s Colors of the Year

Say hello to the 2021 colors of the year! These inviting new shades all signal calmness and health, two things we’ve missed so much in 2020.

Published


The coronavirus pandemic has affected every facet of our lives—even, apparently, the colors we should paint our walls. As proof, look no further than the colors of the year for 2021.

The time has arrived when paint companies start rolling out their top hues that embody the era’s zeitgeist. And, with 2020 being unlike anything we’ve experienced in our lives thus far, it’s no surprise that COVID-19 has had a palpable impact on which colors are predicted to dominate fashion and home decor next year.


So

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Posted by: | Posted on: September 23, 2020

How Some Multifamily Metrics Can Mislead in This Current Environment

As a provider of joint venture and general partner equity, real estate investment firm RanchHarbor has been seeing an influx lately of multifamily investment opportunities presented by sponsors as value-add. However, upon a closer look at the underwriting, these deals do not actually fit the typical value-add investment profile, says Adam Deermount, co-founder and managing director of the company. Instead, these opportunities end up being cap rate compression plays under the guise of value-add and are priced to perfection in today’s market.

“Most of the return on investment is generated by rent inflation buoyed in the early years of the investment by positive debt service arbitrage due to interest only terms,” Deermount tells GlobeSt.com.

Now here’s the rub: If a value-add opportunity requires market annual rent growth of 3% over annual expense growth of 2%-3% over a five-year hold for the returns to work, it is not a really a

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Posted by: | Posted on: September 23, 2020

‘Why I Renewed My New York City Lease—Pandemic, Unemployment, and All’


According to recent headlines, people have been fleeing New York City. I, however, recently renewed a yearlong lease on my Manhattan apartment, which means I’m stuck here—for better or for worse—until August 2021.

Why did I go against the grain in the wake of all the challenges New York is facing in the coronavirus pandemic? The decision caused me a lot of anxiety, but ultimately, I didn’t feel like I was ready or able to bail on the city I’ve called home for over 20 years. Here’s why.


Reason to renew: Staying costs money, as does moving

In March when the coronavirus pandemic first hit, I’d actually pulled my own version of an escape by hightailing it to Annapolis, MD, to stay with my

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Posted by: | Posted on: September 23, 2020

U.S. Existing-Home Sales Continued to Climb in August

Sales of previously owned homes rose in August for the third consecutive month of sales increases, the National Association of Realtors said Tuesday, a sign that prospective home buyers remain motivated to buy despite the pandemic.

Sales increased 2.4% from a month earlier to a seasonally adjusted annual rate of 6 million, according to NAR.

On an annual basis, sales rose 10.5% in August, putting this summer’s housing market well ahead of last year’s sales levels, as more people working from home have either sped up their home purchasing plans or decided to buy for the first time. The boom in sales is most pronounced at the upper end of the market.

“The luxury housing sector is just simply taking off,” said Lawrence Yun, chief economist of NAR.

Economists polled by The Wall Street Journal had expected home sales to rise 3.2% in August. In July, existing-home sales had risen

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