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February 1, 2021

With Reforms On The Horizon, OZ Players Optimistic About The Program's Future
[Digital Summit] Port Of Long Beach, Linc Housing & CenterCal Properties Talk Major Projects Underway In Long Beach Feb. 9

As a candidate during last year's presidential election, Joe Biden promised reforms to the opportunity zone program to prevent "billionaires [from exploiting] opportunity zones tax breaks to pad their wealth."

The promise of the U.S. government’s opportunity zone program to direct long-term investments to low-income communities has been criticized as a tax loophole that largely benefits investors who have steered the money to more affluent areas. In 2019, U.S. Sen. Tim Scott, the Republican from South Carolina who co-sponsored the bill that created the program, issued a program-ending warning to developers and investors targeting OZs. 

With Reforms On The Horizon, OZ Players Optimistic About The Program's Future

The Biden administration has yet to tinker with the program, but real estate executives in California told Bisnow last week that Biden's adjustments will likely be welcomed, and many hope that the program will become more transparent.“Biden is likely going to look to mend, not end, opportunity zones and try…

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This Week's LA Deal Sheet

WeWork is walking away from nearly 152K SF at three locations in Hollywood, Santa Monica and West Hollywood.

The coworking giant is giving up its space at 7083 Hollywood Blvd. in Hollywood, 520 Broadway in Santa Monica and 925 North La Brea Ave. in West Hollywood, CoStar reported.

This Week's LA Deal Sheet

In July, WeWork also reversed course at the Wilshire Courtyard, giving up roughly half of the 335K SF it had leased in the summer of 2019. Early in the coronavirus pandemic, WeWork acknowledged withholding April and May rent payments from some of its landlords. Some of its tenants

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Real Estate Firms Shift Focus From Office, Retail To Digital Infrastructure
 

With several asset classes facing significant uncertainty, real estate firms are looking at data centers as a permanent fixture in their portfolios.

Retail, hotels and offices have been hit hard by the coronavirus pandemic, and the timeline of recovery may depend on the country’s success in fighting the disease as well as the decisions of countless individual companies on what space to retain. In the meantime, developers and financiers are focused on building out the country’s digital infrastructure. 

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Property Managers Have A Part To Play In The Mass Vaccination Effort

Though off to a sluggish start, the drive to vaccinate Americans against the coronavirus is picking up speed. Many states are now moving from vaccinating health care workers and residents of long-term care facilities, the first phase of the government's rollout, to front-line essential workers and other essential workers, who make up Phases 1A and 1B of the rollout, respectively.

Apartment property managers and their staff, who have frequent interaction with residents, count as essential workers, according to government guidelines, since residential properties are part of the country's critical infrastructure sector. 

As the vaccine rollout moves along, apartment property managers will play a direct role in getting their employees vaccinated and an indirect role in the vaccination of their residents by providing information. 

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