Commercial Property – Biz China NFL Jersey Cheap http://bizchinanfljerseycheap.com/ Wed, 11 May 2022 06:27:06 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://bizchinanfljerseycheap.com/wp-content/uploads/2021/07/icon-1.png Commercial Property – Biz China NFL Jersey Cheap http://bizchinanfljerseycheap.com/ 32 32 Sofitel Adelaide leads $1 billion hotel listings https://bizchinanfljerseycheap.com/sofitel-adelaide-leads-1-billion-hotel-listings/ Wed, 11 May 2022 06:14:00 +0000 https://bizchinanfljerseycheap.com/sofitel-adelaide-leads-1-billion-hotel-listings/ Savills’ Nick Lower and Rob Williamson alongside CBRE Hotels’ Michael Simpson and Tom Gibson are handling the sales campaign. Mr Lower said Sofitel was already outperforming and providing an additional operational advantage, with no competing stock being developed in the CBD in the near term. “Seeing that South Australia continues to improve as a tourist […]]]>

Savills’ Nick Lower and Rob Williamson alongside CBRE Hotels’ Michael Simpson and Tom Gibson are handling the sales campaign.

Mr Lower said Sofitel was already outperforming and providing an additional operational advantage, with no competing stock being developed in the CBD in the near term.

“Seeing that South Australia continues to improve as a tourist destination and domestic travel continues to soar, Sofitel offers a five-star product, which has been a gap in the market for some time,” did he declare.

Joining the Palumbo family at the exit gates, Singapore-listed CapitaLand’s Ascott Residence Trust has appointed CBRE to market six hotels from its Australian portfolio which it hopes to sell for around $850 million.

The portfolio includes two Novotel hotels in Sydney and Parramatta, two Pullman and Mercure dual-brand properties in Brisbane and Melbourne, the Courtyard by Marriott in North Ryde, Sydney and the Pullman Sydney Hyde Park.

The six hotels offer more than 1,700 rooms combined and have a book value of $607 million as of December according to the Ascott Residence Trust website.

Previously owned by Ascendas Hospitality Trust – prior to its acquisition by Capitaland’s ART – the Singaporean group first attempted to sell the portfolio in 2015 as part of a larger $1.4 billion offering before pulling the properties early 2016.

CBRE Hotels Country Manager Wayne Bunz declined to comment when contacted by The Australian Financial Review.

A spokeswoman for Ascott Residence Trust said: “Ascott Residence Trust is constantly looking for opportunities to create greater value for our stapled securityholders.”

The 192-room Bayview Eden Hotel, located at 6-9 Queens Road on the outskirts of Melbourne, is also coming to market.

The hotel is the second to be unloaded on Queens Road by Bayview International Hotels & Resorts, a subsidiary of Malaysian conglomerate Oriental Holdings.

Last year, Oriental Holdings sold its gated Bayview on the Park hotel at 50-52 Queens Road to Aware Super and fund manager Altis for more than $70 million.

The Bayview Eden, which offers views of Lake Albert Park, Port Phillip Bay and Melbourne’s central business district, is being touted as both a future development opportunity – the hotel sits on a site of 6 .74 square meters – and as a hotel investment. The hotel is offered vacant and is expected to sell for over $80 million.

JLL’s Peter Harper, Josh Rutman, Nick MacFie and MingXuan Li are handling the sales campaign.

“We have been fortunate enough to manage significant sales in recent years along St Kilda Road and Queens Road, but this is the second largest wholly owned land property in the whole district, and we have already seen the interest from some of the major players in the industry who understand the rarity of such an opportunity,” Mr. Rutman said.

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Buffalo Common Council publishes budget guide; organizes public meetings on the spending proposal | Local News https://bizchinanfljerseycheap.com/buffalo-common-council-publishes-budget-guide-organizes-public-meetings-on-the-spending-proposal-local-news/ Sat, 07 May 2022 19:57:07 +0000 https://bizchinanfljerseycheap.com/buffalo-common-council-publishes-budget-guide-organizes-public-meetings-on-the-spending-proposal-local-news/ The Buffalo Common Council has released a citizen’s guide to understanding the budget to help the public navigate Mayor Byron W. Brown’s proposed $568 million spending plan. The new guide precedes budget hearings, workshops and public sessions next week. The 14-page guide covers key terms and components for understanding each department’s budget. “The Buffalo Common […]]]>

The Buffalo Common Council has released a citizen’s guide to understanding the budget to help the public navigate Mayor Byron W. Brown’s proposed $568 million spending plan.

The new guide precedes budget hearings, workshops and public sessions next week.

The 14-page guide covers key terms and components for understanding each department’s budget.

“The Buffalo Common Council’s responsibility is to ensure that we vote on a balanced and fiscally fair budget,” said council chairman Darius G. Pridgen. “This budget outlines operating revenues and expenses, US bailout allocations, training, and departmental financial requests. Our goal is to educate and empower all of our residents to understand and make suggestions on how we can use taxpayer dollars to build a stronger Buffalo, not just for today, but for tomorrow.

The guide can be found on the city’s website under Budget Resources.

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Council members begin deliberations on the budget on Monday, when they hold several meetings, including budget hearings starting at 9 a.m. in the council chamber with representatives from various departments.

A public hearing to gather community feedback will be held Tuesday at 5 p.m. Those wishing to speak can attend in person or join virtually via Zoom. To join via Zoom, contact Council staff at Councilstaff@buffalony.gov or call 851-5105.

Budget workshops will begin at 10 a.m. on May 16 in Room 1417 at City Hall for department heads to answer questions from council members.

The deadline for the Council to vote on the budget is May 22.

Brown’s $568 spending proposal asks the city to raise residential property taxes by 5% and commercial property taxes by 6.6%. Recycling and garbage user fees would increase by approximately 4%. There is a $5 million increase in recommended spending for the Buffalo Police Department for more detectives and technology, among other things.

The spending plan also includes additional funding for 19 vehicles for the Department of Public Works to address winter snow removal issues, a state-of-the-art GPS system for DPW vehicles, and expanding employment and training efforts for city ​​youth to provide year-round job opportunities for youth.

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Columbia Tax Modernization Committee Hears Property Tax Concerns https://bizchinanfljerseycheap.com/columbia-tax-modernization-committee-hears-property-tax-concerns/ Tue, 03 May 2022 23:45:00 +0000 https://bizchinanfljerseycheap.com/columbia-tax-modernization-committee-hears-property-tax-concerns/ The City of Columbia Tax Modernization Committee heard from business owners on Tuesday about the impact of high commercial property tax rates. COLUMBIA, SC — City of Columbia leaders are looking for ways to change the city’s tax rates. The city’s tax modernization committee said changes were needed to make the city more economically competitive. […]]]>

The City of Columbia Tax Modernization Committee heard from business owners on Tuesday about the impact of high commercial property tax rates.

COLUMBIA, SC — City of Columbia leaders are looking for ways to change the city’s tax rates. The city’s tax modernization committee said changes were needed to make the city more economically competitive.

“I was paying $1,400 a year on Devine Street,” said Donna Green, owner of Southern Pottery.

Donna Green is one of many property owners in the city who spoke to the committee and shared their concerns about high commercial property tax rates.

RELATED: New Committee to Reduce Columbia Commercial and Rental Property Taxes

“I had to borrow money to pay my taxes, basically because my taxes were so high,” Green said. “So you have to think about how you can grow your business to cover that borrowed money and if that continues you really have to back off.”

Green told News 19 that she had to reduce the size of her business by more than half, moving her business from Devine St. to the North Main community.

In April, the committee presented a plan to reduce Columbia’s commercial and rental property taxes by 33.33%. The plan is to gradually reduce taxes over 10 years and hopefully sooner.

RELATED: Columbia Working on Compromise Agreement for Airbnb Owners and Residents

According to their plan, the first two years will be spent creating an escrow account from new investments while reducing spending in the budget. In the third year, the city can begin to use these funds and money from other revenues to cover tax cuts as new investments expand and tax cuts are phased in.

“Taxes on commercial apartments and rental homes in Columbia are 48% higher than in Charleston, 38% higher in Greenville, and 28% higher than just across the river,” Joe Taylor said. , Columbia City Councilman.

RELATED: ‘To Better Serve Citizens’: City of Columbia Adopts New Budgeting Method for 2022-23

The rate is currently 6%, according to the Association of South Carolina Counties. According to Taylor, the capital has one of the highest commercial property taxes in the country.

“It doesn’t deter people from wanting to do business here, it stops them from doing business here, and it limits the amount of new investment we have,” Taylor said.

Green adds that to attract more people and businesses to Colombia, tax rates must come down. “To start small businesses, there has to be some kind of fair business tax process.”

The next committee meeting is May 19 at 2 p.m. Members will work to finalize the plan and submit it to the mayor for review.

RELATED: The Assembly Street Railroad Project Could Begin This Summer. Here’s what you need to know

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New ideas to revitalize New York – New York Daily News https://bizchinanfljerseycheap.com/new-ideas-to-revitalize-new-york-new-york-daily-news/ Mon, 02 May 2022 09:00:00 +0000 https://bizchinanfljerseycheap.com/new-ideas-to-revitalize-new-york-new-york-daily-news/ The warm spring air, busier streets and falling COVID hospitalization rate have given New Yorkers a new sense of hope that the worst of the horrific two years is squarely behind us. But let’s be real: New York is not going back to the status quo ante of early 2020. Our society and the challenges […]]]>

The warm spring air, busier streets and falling COVID hospitalization rate have given New Yorkers a new sense of hope that the worst of the horrific two years is squarely behind us.

But let’s be real: New York is not going back to the status quo ante of early 2020. Our society and the challenges we face have been laid bare in the wake of the shocking disruptions of the pandemic. The future of work, commercial real estate, health care delivery, public school education and so many other issues require a new approach given the rapidly changing pace of change.

We have a relatively new mayor and governor, both of whom have had cascading problems that don’t go away in the short term. Our elected leaders are rushing from crisis to crisis, trying to calm a population worried about public safety, the subway, inflation, homelessness, housing affordability and many other chronic issues plaguing big cities like ours for decades.

In this whirlwind, I am working with a group of more than a dozen concerned and thoughtful New Yorkers to create a think tank – the 5 Boro Institute – that will bring together the best minds in our city to propose pragmatic and actionable solutions to some of these issues. .

I consider Mayor Adams a friend, but this is not an influence operation. The 5 Boro Institute will be an independent, non-partisan think tank whose sole mission will be to advance creative ideas in public policy to improve our city. We plan to work with many great New York organizations – from academic institutions like NYU and Hunter College to nonprofits like Fountain House to develop plans to solve society’s toughest problems, including including some of the newer ones.

For example, one of our first collaborations will look at the future of underutilized commercial real estate and hotels in New York City and what can be done to turn a declining set of assets into potentially productive housing solutions. affordable, life sciences and biotechnology opportunities.

As we explore ways to make lemonade from the lemons of Class B and C properties in commercial real estate, we will also consider the budgetary and financial implications of this change in our built spaces.

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Can city and state government financially incentivize landlords to quickly turn hotels and commercial properties into affordable housing or mixed-use properties? Can we use tax incentives or other new ideas to entice new businesses to lease our unused commercial space, which currently has a 13% vacancy rate in Manhattan.

When it comes to health care, how can our public high schools and public universities help build an educated workforce for the 21st century? For years, Hunter College was ready to build a nursing school it desperately needed, but was thwarted by bureaucracy. Let’s untie this Gordian knot and dramatically increase our nursing workforce, which has been dangerously shrinking in recent years, resulting in dangerous staffing at many local hospitals.

Along the same lines, how do we find the necessary budgetary funds and highly skilled manpower to increase nursing care and psychological counseling in our schools, a growing crisis compounded by the social isolation of our students from schools public over the past two years of Zoom teaching?

Another health care crisis playing out on our streets and subway stations every day is the scarcity of mental hospital beds in the city. The governor’s last administration continued the short-sighted deinstitutionalization that began in the 1970s, and between 2014 and 2018 eliminated 15 percent of the city’s public mental hospital beds. Hospitals happily accepted this failed policy because there is so much more money to be made in knee replacements than in psychiatric care for the indigent. Local and federal government leaders have remained passive watching this slow-motion crisis spill over to our streets and subway cars. In a state budget of over $220 billion and a city budget of over $100 billion, we can find the funds to restore the 2,000 to 4,000 beds needed to help our extremely mentally ill neighbors who suffer every day before our eyes.

New York has faced many crises over the past century – from the pandemic of 1918 and the crippling fiscal crisis of the 1970s, to 9/11 at the turn of this century and the financial collapse of 2008. Every time , our elected leaders and civic giants like Dick Ravitch – my co-chair of 5 Boro Institute – have saved our city and put us back on the path to growth and prosperity.

This can and should happen again in the years to come. The 5 Boro Institute will join other civic groups in the city to help our elected officials revive our metropolis from the darkest days of our pandemic.

Allon, the publisher of City & State, is the co-founder of the 5 Boro Institute.

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Low stock of commercial property in Stratford is a ‘barrier to entry’, some say https://bizchinanfljerseycheap.com/low-stock-of-commercial-property-in-stratford-is-a-barrier-to-entry-some-say/ Sat, 30 Apr 2022 13:06:25 +0000 https://bizchinanfljerseycheap.com/low-stock-of-commercial-property-in-stratford-is-a-barrier-to-entry-some-say/ STRATFORD — Many business owners view Stratford as a business-friendly city. It’s one of the most affordable communities in Fairfield County, which is a plus for the city, according to Mary Dean, director of economic development. Stratford also has access to transportation, with the downtown train station and easy access to Interstate 95. A barrier […]]]>

STRATFORD — Many business owners view Stratford as a business-friendly city.

It’s one of the most affordable communities in Fairfield County, which is a plus for the city, according to Mary Dean, director of economic development. Stratford also has access to transportation, with the downtown train station and easy access to Interstate 95.

A barrier to entry for local businesses, however, is a limited inventory of commercial real estate available, some say.

The city has taken steps to mitigate this, Dean said. They recently asked the Zoning Commission to impose a moratorium on new self-storage facilities, which occupy large areas with limited parking that make properties difficult to recycle for other uses in the future. , she said.

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Neiman Marcus building on Chicago’s Magnificent Mile sold https://bizchinanfljerseycheap.com/neiman-marcus-building-on-chicagos-magnificent-mile-sold/ Thu, 28 Apr 2022 17:34:07 +0000 https://bizchinanfljerseycheap.com/neiman-marcus-building-on-chicagos-magnificent-mile-sold/ Neiman Marcus’ home since 1983, the four-story building went up for sale last fall, with some observers wondering if a developer would buy the property and clear it for a high-rise project. But Silvestri, a mall investor, is not a developer, and the structure of the deal and the language of JLL’s statement strongly suggests […]]]>

Neiman Marcus’ home since 1983, the four-story building went up for sale last fall, with some observers wondering if a developer would buy the property and clear it for a high-rise project. But Silvestri, a mall investor, is not a developer, and the structure of the deal and the language of JLL’s statement strongly suggests Silvestri is aiming to preserve the status quo.

“Neiman Marcus is one of only eight trades on Michigan Avenue over the past decade and was highly sought after by domestic and international capital due to the rare flagship offering on one of the most renowned high street corridors and most proven in the world,” JLL Managing Director Amy Sands said in the statement.

It is unclear what Silvestri paid for the property. Sands did not return a phone call, and a JLL spokeswoman declined to disclose the price. Representatives for Silvestri and UBS did not respond to requests for comment.

Silvestri does not own any other properties in Illinois, according to its website. Malls and other commercial properties in Texas and Florida make up the bulk of its portfolio.

The Magnificent Mile has become a risky location for commercial property investors in recent years, particularly since the COVID-19 pandemic swept through the city in 2020. Nearly a quarter of Mag Mile’s commercial space is vacant after the loss of chains such as Gap, Uniqlo and Macy’s. The owner of the Water Tower Place mall, just two blocks north of the Neiman Marcus store, recently turned over the property to its lender, and an investor in the Shops at North Bridge mall recently suffered a loss after transferring his interest in the property to his partner. .

But the Neiman Marcus store weathered the storm, according to a JLL marketing brochure for the property. Last fall, the Mag Mile store was the chain’s second most profitable location, and its year-to-date sales were 5% higher than the same period in 2019, according to the brochure. The store was on track to post sales of $123 million, or $629 per square foot, in 2021, the document said.

As the chain’s new owner, Silvestri will collect rent from Neiman Marcus, although it’s unclear how long is left on the retailer’s current lease, a major factor in the price Silvestri paid for the property. . Even in stormy markets, a property with a tenant locked into a long-term lease can be a relatively safe bet – and command a steep price – as the tenant is legally obligated to pay rent over the term of their contract. Investors will generally pay less if a lease is due to expire in the near future, to account for the risk of the tenant not renewing.

Silvestri acquired the Neiman Marcus property through a so-called 1031 exchange, a transaction that allows investors to defer capital gains taxes on the sale of a property if they reinvest the product in another. Buyers on 1031 exchanges will often reinvest their money rather conservatively, and almost never in risky real estate developments.

Silvestri also financed the acquisition with a seven-year loan, according to JLL, a hint that Neiman Marcus still has several years left on his lease. Few lenders would lend on a single-tenant property that extends beyond the term of the lease, wary of the risk that the tenant will not renew.

Cushman & Wakefield broker Greg Kirsch interpreted the sale as “good news for the avenue”, a sign that an anchor tenant will “return stability over time” to the Mag Mile. The loss of Macy’s at Water Tower Place last year and the closure of the Barney’s store at Oak and Rush Streets in 2019 have fueled speculation of other department store closures in the neighborhood. But Neiman Marcus likely got away with picking up customers who used to shop at Macy’s and Barney’s, Kirsch said.

“Even if sales are down overall, you lose some competitors,” said Kirsch, executive general manager of Cushman’s Chicago office. The real estate services company was not involved in this transaction.

But owning a department store has been a risky business for a while. The sector, which has been in decline for years, has suffered greatly during the pandemic. The Dallas-based Neiman Marcus Group restructured in Chapter 11 in 2020 and closed several major stores, but none here. But the chain is healthier today; its sales have rebounded over the past year. The company continues to operate stores in the Oakbrook Center and Northbrook Court shopping malls.

UBS, based in Hartford, Conn., had owned the Neiman Marcus store since 1998, paying $104 million for the property and offices in the adjacent Olympia Center tower, according to Cook County property records. In June 2020, UBS split the office and retail properties. UBS still owns the office space.

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Commercial Property Insurance Market Size, Outlook and Forecast https://bizchinanfljerseycheap.com/commercial-property-insurance-market-size-outlook-and-forecast/ Tue, 26 Apr 2022 04:33:02 +0000 https://bizchinanfljerseycheap.com/commercial-property-insurance-market-size-outlook-and-forecast/ New Jersey, United States – the commercial property insurance market The research report offers complete coverage of the Commercial Property Insurance Market during the forecast period 2022-2029. It provides historical, current and future market trends to help develop a robust market strategy. Additionally, it provides value chain analysis, key drivers and challenges, and includes upcoming […]]]>

New Jersey, United States – the commercial property insurance market The research report offers complete coverage of the Commercial Property Insurance Market during the forecast period 2022-2029. It provides historical, current and future market trends to help develop a robust market strategy. Additionally, it provides value chain analysis, key drivers and challenges, and includes upcoming opportunities in the Commercial Property Insurance market that will enable the business success.

The Commercial Property Insurance Market report provides a detailed analysis of global market size, regional and country level market size, segmentation market growth, market share, landscape competitive analysis, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunity analysis, strategic market growth analysis, product launches, regional market expansion and technological innovations.

Get Sample Full PDF Copy of Report: (Including Full TOC, List of Tables & Figures, Chart) @ https://www.verifiedmarketreports.com/download-sample/?rid=82515

Key Players Mentioned in the Commercial Property Insurance Market Research Report:

Allianz, AXA, Nippon Life Insurance, American Intl. Group, Aviva, Assicurazioni Generali, Cardinal Health, State Farm Insurance, Dai-ichi Mutual Life Insurance, Munich Re Group, Zurich Financial Services, Prudential, Asahi Mutual Life Insurance, Sumitomo Life Insurance, MetLife, Allstate, Aegon, Prudential Financial, New York Life Insurance, Meiji Life Insurance, Aetna, CNP Assurances, PingAn, CPIC, TIAA-CREF, Mitsui Mutual Life Insurance, Royal & Sun Alliance, Swiss Reinsurance, Yasuda Mutual Life Insurance, Standard Life Assurance

This comprehensive Commercial Property Insurance Market report helps to determine the gaps and issues faced by the dominant or new companies. It also provides information about the potential impact of the existing COVID-19 on the market scenario. Commercial Property Insurance market is split by Type and by Application. For the period 2018-2027, the growth between segments provides accurate calculations and forecasts of sales by type and application in terms of volume and value. This analysis can help you grow your business by targeting qualified niche markets.

Commercial Property Insurance Market Segmentation:

By Product Type, the market is primarily split into:

• Owner’s insurance
• Tenant insurance
• Flood insurance
• Earthquake insurance
• Other

By application, this report covers the following segments:

• Small and medium enterprises
• Big business

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Scope of Commercial Property Insurance Market Report

ATTRIBUTES DETAILS
ESTIMATED YEAR 2022
YEAR OF REFERENCE 2021
FORECAST YEAR 2029
HISTORICAL YEAR 2020
UNITY Value (million USD/billion)
SECTORS COVERED Types, applications, end users, and more.
REPORT COVER Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends
BY REGION North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
CUSTOMIZATION SCOPE Free report customization (equivalent to up to 4 analyst business days) with purchase. Added or changed country, region and segment scope.

Geographic segment covered in the report:

The Commercial Property Insurance report provides information on the market area, which is further sub-divided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country and sub-region over the estimated period.

• North America (USA and Canada)
• Europe (UK, Germany, France and rest of Europe)
• Asia-Pacific (China, Japan, India and the rest of the Asia-Pacific region)
• Latin America (Brazil, Mexico and rest of Latin America)
• Middle East and Africa (GCC and Rest of Middle East and Africa)

Answers to key questions in this Commercial Property Insurance market report

  1. How much revenue will the Commercial Property Insurance Market generate by the end of the forecast period?
  2. Which market segment is expected to have the maximum market share?
  3. What are the influencing factors and their impact on the Commercial Property Insurance market?
  4. Which regions are currently contributing the maximum share of the overall commercial property insurance market?
  5. What indicators are likely to drive the commercial property insurance market?
  6. What are the main strategies of the major players in the commercial property insurance market to expand their geographical presence?
  7. What are the key advancements in the Commercial Property Insurance market?
  8. How do regulatory standards affect the commercial property insurance market?

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Has COVID changed the rental percentage for good? https://bizchinanfljerseycheap.com/has-covid-changed-the-rental-percentage-for-good/ Sun, 24 Apr 2022 17:13:18 +0000 https://bizchinanfljerseycheap.com/has-covid-changed-the-rental-percentage-for-good/ The catastrophic economic impacts of recurring COVID-19 closures have left retail stores in dire straits, which in turn has put their owners in a bind. As office landlords offered rent concessions and postponed lease start dates for their tenants, retail landlords tried to find ways to adapt their tenancy structure to reflect market conditions as […]]]>

The catastrophic economic impacts of recurring COVID-19 closures have left retail stores in dire straits, which in turn has put their owners in a bind. As office landlords offered rent concessions and postponed lease start dates for their tenants, retail landlords tried to find ways to adapt their tenancy structure to reflect market conditions as well. A popular solution was to adjust the length of a tenant’s lease from fixed rent to revenue-based rent, at least until markets recover from the COVID crisis.

A turnover rent, also known as a percentage lease, is about as simple as it sounds. The tenant agrees to pay a base rent, operating costs and a monthly variable cost based on the monthly income generated by the tenant’s activity. The practice is more widely accepted in Europe, but in the United States accepting too many of these leases could have been bad news for commercial landlords. But now that so many businesses have negotiated a percentage lease in order to survive the lack of sales due to pandemic shutdowns, percentage leases may be the post-pandemic norm.

The rent of the world as we know it

Percentage leases are unique to each company, but they generally follow the same structure. A merchant rents storage space. The store signs a lease for the space with a base rent of a few dollars per square foot, plus a 1% rent based on a sales break point. This breakpoint is calculated by the annual rent (the square footage multiplied by the dollar amount per square foot) divided by the rent percentage of 1%.

Let’s say a retailer has a 50,000 square foot store that has a base rent of $5 per square foot. The base rent would be $250,000 and that retailer’s break point would be $25,000,000. If the retailer’s sales volume exceeds $25,000,000, the retailer will pay 1% of the excess sales. So, in the case where a retailer earns $30,000,000 per year, the percentage rent would be $50,000 plus base rent, or $300,000 in total. However, if for some reason sales drop the following year, the tenant will only have to pay $250,000 for that year.

Before COVID, most mall or shopping center tenants were on a fixed rate lease. “The minority of tenants would have percentage leases,” said Lisa Wagner, director of the Outlet Research Group, because fixed-rate leases are strong and consistent. In a percentage lease, rental income can fluctuate when a retailer has a bumpy financial month. “It was generally scary for the owners to accept many [percentage leases] because investors would have found the risk intolerable,” Wagner added. Because of the risk associated with variability, Wagner told me that percentage letting was previously limited to retailers who had the largest and smallest real estate footprints in a mall: department store anchor tenants and tenants smaller transients with higher margins. such as mall carts and kiosks.

The irony behind the risk aversion for these types of leases, according to Wagner, is that when tenants under percentage leases do well, they are usually the best performers in a landlord’s portfolio. Yes, a month of low sales would equate to a lower rent payment, but when a tenant experiences a higher rate of sales, rents go up in tandem.

Percentage leases are not without their own problems. Tracking sales to arbitrate rent each month can be a difficult task. Unless tenants seek rent relief from their landlord, they are generally reluctant to disclose their sales data. In a fixed-term lease, landlords are passive actors in a tenant’s business. A percentage lease transforms this relationship, blurring the line between owner and partner. Additionally, landlords and their lenders need to do more due diligence on their tenants’ businesses and ensure that the business continues to meet expectations over the life of the loan.

Almost all percentage leases are unique and require a collaborative effort between tenant and landlord, as percentage leases force landlords to consider parameters that they are not quite familiar with. Daily retail events such as returns, employee discounts, and gift certificates are variables that can easily skew rental percentage measurements. What defines “turnover” is the most critical element a lender must understand in a lease. Lenders may consider imposing additional financial covenants, in addition to the standard loan-to-value and yield-on-debt covenants, which take into account both the borrower’s and the tenant’s financial situation.

Lock logic

Before the pandemic, long-term commercial leases were considered low risk. For landlords, they have provided stable and consistent rental income regardless of the tenant’s sales volume. Of course, fixed rents don’t entirely eliminate tenants’ business risk, but in light of the pandemic that has thrown the global economy into a series of stumbles, fixed rents have gone from a low-risk deal to the landlord has high stakes, as most retailers lost revenue and couldn’t pay their rent. Landlords have had to deal with the growing reality of bleeding out an empty property since closures decimated the retail sector. The prospects of tenants able to replace an outgoing tenant have dwindled, so retaining a struggling tenant was often in the landlord’s best interest. The pandemic was so fraught with uncertainty that allowing more retailers than usual an option to operate on a percentage lease seemed like a temporary fix that wouldn’t be necessary in the long run. But the virus didn’t magically disappear in a matter of months, much to everyone’s dismay.

Landlords offering retailers a percentage lease in their mall was initially a temporary band-aid to keep space occupied, but the move ultimately demonstrated to businesses that a flexible arrangement was more desirable than a long-term fixed lease. David Abramson, founder and managing director of Cedar Dean Group, a London-based commercial property consultancy, said The New York Times last year that the relationship between landlords and tenants “has definitely become more strained because of the pandemic”, but that landlords were undergoing “a complete change in attitude” by adopting percentage leases.

See also

Forty percent of retail landlords surveyed by Colliers in May 2020 said they would be more likely to factor a tenant’s sales into their lease agreements, which seems surprising given the complexity of the realization of a lease in percentage. Again, the onset of the pandemic was fraught with uncertainty and unprecedented decision-making, but continued demand for percentage leases may persist thanks to the current state of the market.

But renters are also emerging from the pandemic with a new awareness of the paradigm shift in percentage renting, just in time for interest rates to rise. The Federal Reserve is increasingly aggressive with raising interest rates to fight inflation, and interest rates are a key driver of commercial rent prices. Lisa Wagner of The Outlet Research Group believes that the subsequent increase in commercial rents will have a direct impact on the demand for percentage leases. “I think this will continue to encourage more tenants to apply for percentage leases instead of a fixed lease,” she said.

However, many retailers may regret their eagerness to renew their percentage lease in an inflationary environment. Retail is finally alive, with sales expected to climb between 6% and 8% in 2022, according to the National Retail Federation. Higher consumer prices mean retailers renting on a percentage lease could more easily exceed their percentage break point and have to part with more of their revenue than expected. This year’s forecast shows a slower growth rate for retailers than in 2021, but it’s still higher than the pre-pandemic rate. This means landlords who obligated a percentage lease are finally reaping the high rewards they’ve been crossing their fingers for in 2020.

In a volatile market economy with a lingering pandemic in the background, there may not be a truly win-win leasing solution between a landlord and a commercial tenant. Yet the COVID-19 virus has demonstrated that fixed-rate leases do not avoid financial risk, as investors and landlords once assumed. But as landlords have slowly come to terms with allowing more of their tenants to sign percentage leases, their reluctance to have too much in their wallets could very well return. As consumer prices continue to rise, landlords can expect more tenants to try to negotiate higher rates for their breakpoints. So while percentage leasing is more collaborative than the traditional leasing model, negotiations on either side are unlikely to get any easier anytime soon. .

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Two blocks evacuated as fire at commercial property ignites Friday morning https://bizchinanfljerseycheap.com/two-blocks-evacuated-as-fire-at-commercial-property-ignites-friday-morning/ Sat, 23 Apr 2022 00:28:00 +0000 https://bizchinanfljerseycheap.com/two-blocks-evacuated-as-fire-at-commercial-property-ignites-friday-morning/ BIRMINGHAM, Ala. (WBRC) – The fire started just before midday on Friday April 22 and Birmingham Fire is still working to determine the cause of the fire. Crews were dispatched at 11:51 a.m. and were immediately told that chemicals were inside the building. They soon learned that Isopentan was the chemical on the property. It […]]]>

BIRMINGHAM, Ala. (WBRC) – The fire started just before midday on Friday April 22 and Birmingham Fire is still working to determine the cause of the fire. Crews were dispatched at 11:51 a.m. and were immediately told that chemicals were inside the building.

They soon learned that Isopentan was the chemical on the property. It is used to make lightweight fiberglass products. After learning of its presence, the crews decided to take a hands-off approach, letting the fire die down. The container containing the hazardous material was not pierced by the flames.

Still, residents within two blocks have been evacuated as a precaution, and some remain concerned about the impact this could have on community health.

“Since it caught fire, it could be a danger for the whole neighborhood. There are small children around here. If it’s dangerous for your health, I mean I’m already sick, I haven’t need nothing else,” said local resident Clifford Sanders.

We have spoken with Birmingham Fire who say the air quality has not been affected. A representative from Jefferson County Health said its air quality investigation unit had not been called and would do so if air quality was threatened.

The firefighters remained on site until 5:00 p.m. to ensure that no hot spot allowed the flames to break out. This is also when the neighbors were allowed to go home.

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Stockland Reports Strong Operational Metrics Across its Commercial Property Portfolio in Q3 https://bizchinanfljerseycheap.com/stockland-reports-strong-operational-metrics-across-its-commercial-property-portfolio-in-q3/ Thu, 21 Apr 2022 02:38:44 +0000 https://bizchinanfljerseycheap.com/stockland-reports-strong-operational-metrics-across-its-commercial-property-portfolio-in-q3/ (RTTNews) – Stockland Corp. ltd. (SGP.AX, STKAF.PK), an Australian property company, said strong operational metrics across the commercial property portfolio, with 95% rental recovery for the third quarter of 2022 and rental levels maintained high occupancy. Tertiary leasing spreads remained positive over the quarter. In the residential sector, sales volumes for 1,562 planned communities in […]]]>

(RTTNews) – Stockland Corp. ltd. (SGP.AX, STKAF.PK), an Australian property company, said strong operational metrics across the commercial property portfolio, with 95% rental recovery for the third quarter of 2022 and rental levels maintained high occupancy. Tertiary leasing spreads remained positive over the quarter.

In the residential sector, sales volumes for 1,562 planned communities in the third quarter were in line with expectations, reflecting the abandonment of key projects in New South Wales as well as the timing of new project launches shifted to the fourth quarter of 2022 .

In Commercial Real Estate, total comparable store sales increased by 2.8% in the third quarter of 2022, while Specialty comparable store sales increased by 1.5%.

The Logistics portfolio continued to provide strong operational metrics in Q3 2022, with both rental collection and portfolio occupancy at 99.0%.

Stockland still expects FFO per security in fiscal 2022 to be between 35.1 and 35.6 cents. The company said it expects the payout per security to be within its target payout ratio of 75% to 85% of FFO.

The company noted that current market conditions remain uncertain. All forward-looking statements, including the full-year 2022 earnings forecast, are not subject to any material deterioration in current market conditions and the continued resumption of COVID-19 related restrictions.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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