Existing home sales fell to 5.27 million in March, down 8.5% from the 12-month high set in February of 5.76 million. While most economists expected a decline as the economic toll of the coronavirus set in, March was still a strong month. … READ MORE >
Real estate
Housing market follows the severe contraction of the broader economy
The residential construction and home improvement industries, which were so promising heading into 2020, now will be among those sectors hardest hit by the coronavirus. … READ MORE >
With lifeline from Paycheck Protection Program cut short, real estate turns to bankers for liquidity
The Paycheck Protection Program, a $349 billion government effort to help small and medium-size businesses weather the coronavirus pandemic, is hitting its funding limit less than two weeks after it was launched on April 3. Now, real estate companies are looking to banks and the private sector for relief. … READ MORE >
Construction sector uncertainty shows up in labor, loans and demand data
Slow and uncertain—that is the state of the construction ecosystem right now. The unstable environment for builders has resulted in huge layoffs for their workforce and a disproportionate amount of loans taken under a new SBA lending relief program. … READ MORE >
How the real estate sector can weather an economy that has all but ground to a halt
Landlords are girding for the very real prospect that the $81 billion owed to them in rent payments, according to Bloomberg, will fall far short as tenants of all kinds struggle to find the cash. … READ MORE >
Between a rock and a hard place, retailers ask to stop paying rent to survive
In a move for self-preservation, retailers are demanding that their landlords withhold or slash rent in the coming months as stores have closed to slow the spread of the coronavirus. … READ MORE >
Can hotels become hospitals? Thinking creatively about how to put empty space to work
Hotel companies in the United States are imploring Washington for relief amid the escalating cancellations because of the coronavirus pandemic. Industry leaders face seemingly impossible decisions as revenues have all but disappeared while significant fixed expenses remain. … READ MORE >
Housing was set to soar. Then the coronavirus hit.
Housing starts fell 1.5% in February, to a seasonally adjusted annual rate of 1,599,000, which is less than anticipated as forecasters projected a 4.3% decline. … READ MORE >
As coronavirus spreads, pain goes beyond the hospitality and travel industries
As the human and economic toll of the coronavirus mounts, the real estate industry in North America is wondering where it can safely place its bets. The hospitality industry has taken the brunt of the hit so far, but other sectors of the economy have been nervously watching as the events unfold. … READ MORE >
How ESG is affecting the real estate and construction industries
As public pressure builds for industries to adhere to environmental, social and governance standards, real estate and construction are no exception. … READ MORE >