Gyms Feeling The Crunch Of Latest Pandemic Shutdown

The empty swaths of parking decks and garages during the coronavirus pandemic in commercial properties are more than just evidence that working from home has killed traffic into office buildings, hotels and retail properties.

Those empty garages have huge financial implications on the commercial parking industry. Their operators are facing a financial crisis, laying off thousands of workers, and building owners stuck with unused garages are losing millions and wondering if they should repurpose the space.

“I would think [the impact on revenues] is almost as much as the airports and hotels,” International Parking & Mobility Institute Vice President Rachel Yoka said. "No one is traveling. No one is really commuting." Commercial parking companies have seen revenues drop 70% to 90% since the start of the…

Read Full Story

In Case You Missed It...

As 2020 draws to a close, what has been hardly a banner year for real estate investment trusts will end on a hopeful note.

Read the full story here.

NEW YORK — As local politicians gnash their teeth over the outbound migration of New York City’s wealthiest residents, the city’s hundreds of thousands of lower-income renters are still at risk of mass eviction with little concrete relief in sight.

Many of their landlords could be forced to sell their properties to large corporate buyers if help doesn’t come soon, which tenant and landlord advocates alike fear would make the city less affordable.

With rent debt on the rise, landlords struggling to pay their mortgages and thousands of eviction notices already filed, an extension of the statewide moratorium will only buy the city time to see if Congress steps in with comprehensive relief, including back pay for the months that renters went without support. Without direct rental assistance, the city will be left with irreparable wounds in its rental market that only a painful correction could cure, housing experts say.

Read the full story here.