Commercial real estate won’t be a distressed asset: Marcus & Millichap CEO

The novel coronavirus pandemic forced offices and retailers to shift operations online over the past three months — leading some to speculate that demand for commercial real estate will drop, sending prices plummeting.

But most commercial properties will not be selling for massive discounts, according to Hessam Nadji, CEO of Marcus & Millichap, a California-based national commercial real estate brokerage.

“There’s a broad brush sentiment that commercial real estate is going to get distressed pricing across the board and that is just not the case,” Nadji told Yahoo Finance. Apartments and warehouses, in particular, are performing “very well.” 

As Americans shelter in place, demand for apartments and condos have remained stable. Some 41.4% of investors reported multifamily acquisitions in their market in May compared to 33.6% in April, according to a monthly survey of almost 500 members in the NAIOP (National Association of Industrial and Office Properties) Commercial Real Estate

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Coronavirus pandemic is devaluing commercial real estate ‘overnight’

Commercial real estate may never be the same after the novel coronavirus pandemic.

With most office workers in the U.S. now working from home, demand for office space could be permanently damaged, according to Barbara Corcoran, Shark Tank judge and founder of the Corcoran Group, a New York-based residential brokerage.

“It [the pandemic] is going to bring down the value of all commercial real estate overnight. I really don’t believe we’re gonna go home to sell your house fast jacksonville what we had before. It’s totally changed,” said Corcoran. At the onset of the coronavirus experts thought commercial real estate would hold up, but the pandemic proved more severe than previously predicted.

Demand for office properties will drop, said Corcoran, since companies have now practiced working from home and, in many cases, employees will prefer to skip the commute. With fewer on-site workers, companies will have more office space than

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Fed unleashes commercial paper funding to support non-bank companies

The Federal Reserve announced Tuesday that it will open a commercial paper funding facility to support the financing needs of companies facing stress amid the coronavirus outbreak.

The facility will support rollovers of commercial paper, a commonly used form of unsecured, short-term debt issued to raise funds. 

With businesses forced to close and with consumer activity capped by quarantines around the country, concern has built up over previous weeks that companies will not be able to find funding to survive the public health crisis.

The commercial paper funding facility will establish a special purpose vehicle (SPV) that will purchase unsecured and asset-backed commercial paper from eligible companies as long as the paper is rated A1/P1 as of March 17. The facility would be available to companies of various industries, not just banks.

UNITED STATES – FEBRUARY 12: Federal Reserve chairman Jerome Powell testifies before the Senate Banking, Housing and Urban

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