Key Take Aways
• Office and Industrial landlords are offering concessions.
• Not surprisingly, retail rent collections are coming in at less than 40%.
• Availability of sublease space is being closely monitored with customer care insurance offices, financial institutions, service provides and technology are the largest contributors.
• Customer care insurance offices have found they can monitor the KPI’s of employees working remotely, resulting in a need for less space.
• 30-70% of space reductions in office seem to be where companies think they will end up.
• There has been an uptick in multi-family and single family activity and rents are holding up so far due to demand.
• Renewable energy projects are resulting in a number of land deals. Dominion has a September deadline, driving deals to completion.
• Focus on the Industrial and EDC markets with data centers, energy, advanced manufacturing remaining active.
• Most new loans being requested are for industrial and pharma projects.