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Simon Property Group, the biggest operator of malls in the United States, has come up with a game plan for reopening 49 shopping centers across 10 states starting on Friday.
Tom Barrack said the U.S. property market is in “chaos” and still on the verge of collapse because the federal government and local authorities are allowing renters and homeowners to skip payments because of the coronavirus. “We haven’t had a crisis like this,” Barrack, chief executive officer of Colony Capital Inc., said in an interview Friday on...
Jones was born in New York City (on Great Jones Street). We’re proud to call it our home. Sadly, NYC is struggling. Our city is battling a health crisis that is simply unprecedented. Today, we are announcing an initiative that aims to help property owners and managers to keep their buildings safe and clean from Covid-19.
Simply owning and leasing a physical space is not enough for the commercial real estate industry anymore. Focusing on tenant engagement and providing the best and most convenient experience on a daily basis is more important than ever, and the importance of this focus only grows in the wake of the COVID-19 global pandemic that has forced a shift to remote work around the world.
The commercial real estate market was riding a wave of accelerated growth in the past several years. Record-setting deals in office leasing, investment sales, management and others, had the industry on track to set new records. However, in the wake of the global pandemic and tightening economic conditions, real estate companies are entering a period of rapid digital transformation.
Pandemic Disrupts Boom in Commercial Real Estate
According to a recent study by CREtech, ±80% of commercial real estate brokers and service providers saw business dramatically decline in the wake of COVID-19
The commercial real estate market was riding a wave of accelerated growth in the past several years....
The global real estate industry has been adjusting to a new normal of how buildings of the future will be managed, leased, and operated. From multifamily and office to hotels and retail properties, the recent global pandemic has put a strain on nearly all building owners, occupiers, and residents.
In a recent CREtech Talks...
JPMorgan cashed in almost $100 million of its stake in WeWork shortly before the company’s failed attempt to go public. The banking giant — a lead advisor on WeWork’s botched initial public offering effort — sold its shares last year, soon before the office giant descended in...