Commercial Real Estate & Business News – April 2, 2020

The COVID-19 Economic Shutdown is Already Hitting Multifamily Rents
The average rents on apartments are already dropping, as the U.S. economy grinds to a halt and millions of workers have lost their jobs, been furloughed or have been asked to stay home to fight the rapid spread of COVID-19.” Job losses are already affecting demand for apartments…»
NAIOP: Coronavirus Will Accelerate These Commercial Real Estate Trends
The coronavirus outbreak will accelerate commercial real estate trends that had been forming and cause dramatic changes in the industry faster than had been anticipated. The crisis will result in some short-term contractions in the industry, but will lead to a long-term expansion for commercial real estate…»
Arizona Banks Agree to Ease Foreclosures and Evictions, Provide Relief to Borrowers and Small Businesses
Arizona Gov. Doug Ducey and many of the state’s leading banks announced on Monday an agreement to delay housing foreclosures and evictions while providing loans and other assistance to small businesses stressed by the coronavirus outbreak. Most banks operating in Arizona agreed to suspend…»
US Hotel Industry Hit by Record Low Occupancy as Pandemic Spreads
The hotel industry is taking its biggest hit on record as the accelerating spread of the coronavirus outbreak disrupts travel across the United States and pushes the overall occupancy rate to an all-time low. Hotel occupancy fell to 22.6% for last week…»
Chief Regulator Says Mortgage Bailout is ‘on the Honor System’, Pleads with Borrowers to be Honest
Millions of borrowers may be unable to pay their mortgages as the coronavirus continues to crush the U.S. economy. But there is a government back-up plan. The CARES Act just signed into law allows borrowers to skip payments for up to a year and then have those payments tacked on to the end…»