CAPRE WEBINAR REWIND: San Francisco CRE Industry Response to COVID-19 and Outlook for Remainder of 2020 with Emerald Fund, Cushman & Wakefield, Reuben, Junius & Rose and Beckett Capital
On Friday, April 10, CAPRE convened San Francisco, San Jose and Peninsula executives to discuss the industry response to the COVID-19 pandemic. The webinar was moderated by CAPRE’s Brian Klebash. Panelists discussed and debated the impact of COVID-19 on leasing, construction projects underway, capital raising and acquisitions/dispositions over 2020. Webinar Takeaways: * NorCal's CRE market was strong prior to COVID-19. * The COVID-19 challenge could lower construction costs, which have been increasing in recent years and a challenge for many developers. * The regional economy and employment will be most impacted in retail, hospitality and construction sectors, while the technology sector has significant liquidity. However, there may be layoff pressure at start-ups in the region. * Multifamily rental collections were strong for April, however there is concern for May and June. * Asset value may decline more than 10% in retail, hospitality, multifamily and office assets. * Asset value may decline less than 10% in industrial assets. * The COVID-19 challenge could create a CRE-friendly environment in San Francisco going forward with less public sector red-tape. * Opportunistic investors may find broken deals and distressed assets in the coming months. * Deals that have been difficult to close in the red-hot San Francisco market in recent years could take place given the current uncertainty. CAPRE’s Commercial Real Estate Daily: An Action Plan for Digital Infrastructure in Uncertain Times Friday, April 10, 2020 12pm-2pm PT 3pm-5pm ET Friday’s Topic: San…
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