Key Takeaways
• A long-term change in the work culture is anticipated as more businesses continue to work online from home via Zoom/teleconferencing, shifting from long commutes and large corporate complexes to smaller satellite offices.
• Once companies ramp up and return to some semblance of normal, it will be vital to adher to CDC guidelines with strong documentation. Since most insurance policies do not cover COVID-19, businesses will be liable for the health and wellbeing of workers.
• Retail is the #1 class in online commercial transactions as it is most adaptable for reuse.
• In Jersey City, multifamily high-rise buildings on the waterfront were at 78% occupancy, down from 90% in January.
• The Finance market is in the early stage of a credit crunch, with PPP, loan forbearance and the latest CARES Act expiring (although $1 trillion from the CARES Act has not been spent). Some big banks went offline last week to take inventory of loans; CMBS is trying to make a comeback while Life Insurance companies are already back.
• Green Infrastructure has been added to expand and strengthen standards for structural and non-structural stormwater management.
• Application of green infrastructures range from cisterns and dry walls, to small-scale bioretention infiltration, to small scale sand filers, to both green and blue roofs.