|Rent Payments Collected by April 20th||89.2%||93.3%|
|Rent Payments Collected by May 20th||90.8%||93.0%|
|Current||Prior Week Change|
|10 Year Treasury||0.659%||+0.015%|
|Total US COVID-19 Cases||1,578k||+158k|
|Total US COVID-19 Tests||12,230k||+2,260k|
What’s Happening Now
Facebook announced on Thursday that half of their employees will be working from home within 10 years. This follows recent news from Twitter, Shopify, Coinbase and many other tech and traditional companies announcing the possibilities of a permanent work from home or remote possibility. Office space remains one of the question marks as to how employers will think of their usage of space coming out of this crisis.
Something to watch
Between the ability to work remotely and cities on lockdown the question at hand is will we see an exodus out of major cities? Do the intangibles that make urban living so enticing also make it a zone to avoid coming out of the current crisis? Will there be enough confidence in the health response and protective measures that we will forget, or adapt to, the threat we are currently facing?
It seems the more we learn about our collective response to COVID-19, the more questions we ask. After all, we don’t necessarily know what we don’t know. We find ourselves living through one of the most interesting and formative crises of our generations, and together we will see what the world looks like on the other side.Stay safe out there!
-Adam Hooper, CEO
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Key Articles To Read This Week
A feared collapse in apartment rent collections amid the COVID-19 shutdowns has failed to materialize. But can that streak last?
The world’s biggest real estate investors are sitting on piles of cash, preparing for once-in-a-lifetime opportunities created by the pandemic.
With large tech companies like Amazon and Microsoft extending their work-from-home policies until the fall due to the COVID-19 pandemic, economists are predicting that real estate trends might shift and cause a “suburban boom” in the housing market.
Industrial REIT rent collection in May was nearly 96% of a typical month and down just 3 percentage points from April.
CoStar is selling $1.25B in stock, Zillow is raising $1B
Millennials returning home as lockdowns strip cities of allure
The firm is considering short-term leases for furnished space in Long Island, Westchester and New Jersey.
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