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Law firms with big practices in the cruise and hospitality industries are being impacted by the shutdown of these clients, prompting them to seek wiggle room in their office rents.
The seller, the Teachers Retirement System of the State of Illinois, purchased the property in a foreclosure auction in 2011 for $57 million, about a 31% decline in its market value.
If the stay at home order were lifted this week, death rates and hospitalizations would start rising sharply by the middle of May. It's projected that the peak death rate and peak resource needs would be almost as high as if there were never any mitigation measures put in place.
As of April 20, the multifamily portfolio has a current percentage leased rate of 95%. The remainder of outstanding collections of 4% is largely from tenants who are seeking a payment plan, the company states.
The firm developed the guide based on its experience in moving 10,000 companies and nearly a million workers back into 800 million square feet of buildings in China.
The coronavirus crisis has shown companies how much business is possible to be accomplished over the phone and video conferencing, Avison Young says in a Q1 report on the state's office market.