Get the Deloitte Insights app. Professional services firm also predicts democratisation of video analytics technology. How is the pandemic impacting tenants' businesses? The center is staffed by a group of professionals with a wide array of in-depth industry experiences as well as cutting-edge research and analytical skills. View in article, Kevin Sun, “Manhattan office leasing just had its worst quarter since 2013,” Real Deal, April 2, 2020. CIO Insights and Analysis from Deloitte. Along with this, the US CRE markets continued to maintain global attractiveness, according to the AFIRE 2020 International Investor Survey released in early March.1, Since the second week of March, when COVID-19 was declared a pandemic, spreading globally and, particularly, across the United States, financial markets have declined sharply. This daily regulatory intelligence bulletin, powered by RegHub and Corlytics, aims to provide a summary of regulatory developments relating to COVID-19. © 2020. As a result of the COVID-19 pandemic, an estimated 2.7 billion people, or more than four out of five workers in the global workforce, have been affected by lockdowns and stay-at … Certain services may not be available to attest clients under the rules and regulations of public accounting. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. Reprinted with permission. View in article, Nareit, "FTSE Nareit U.S. Real Estate Index," accessed April 16, 2020. Will COVID-19 be the death of coworking spaces? Emerging from the initial shock of the COVID-19 pandemic, the FP&A function needs to increase the speed and flexibility of its methods and processes with fresh approaches to critical technologies and initiatives to supply the business with valuable insights and forecasts. Millions of COVID vaccines are sitting unused in hospitals and elsewhere, putting the U.S. target for 20 million vaccinations this month in doubt. to receive more business insights, analysis, and perspectives from Deloitte Insights, Telecommunications, Media & Entertainment, The heart of resilient leadership: Responding to COVID-19, The world remade by COVID-19: Planning scenarios for resilient leaders, Stay of execution: COVID-19 has hotel CMBS backed into a corner, Manhattan office leasing just had its worst quarter since 2013, COVID-19 is (probably) pushing down the value of commercial property, Commercial real estate could be in trouble, even after COVID-19 is over, How COVID-19 is affecting construction and renovations, Podcast: US construction bears impact of pandemic, More Americans express concern about losing their job, latest HPSI results show, Covid-19 impact: Private equity slows down, zooms in on portfolio companies. Explore the insights we’ve compiled to help you build more organizational resilience. The US government and Federal Reserve have taken multiple measures to respond to the impact of COVID-19, some of which impact the CRE industry. PCAOB Response to COVID-19 Web site. View in article, National Association of Realtors®, Weekly housing market monitor, April 9, 2020. Deloitte Insights app. We have developed a daily regulatory intelligence bulletin, powered by RegHub and Corlytics, which aims to provide a summary of regulatory developments relating to COVID-19. Punit Renjen, The perseverance of resilient leadership: Sustaining impact on the road to Thrive, Deloitte Insights, August 6, 2020. Women’s sport revenues to hit new heights in wake of Covid-19, says Deloitte. has been saved, COVID-19 implications for commercial real estate Rather than the typical lag, the CRE industry was affected immediately. Marie Gulin-Merle, global vice president of ads marketing at Google, offers a glimpse into what’s top of mind for marketers in this year of significant change. Join My Deloitte Combating COVID-19: Explore a range of issues by topic Leaders like you must consider the impact of COVID-19 across a range of areas—from liquidity and worker safety to supply chains and financial reporting. View in article, Scott Crowe, “COVID-19 and REIT cap rates,” Commercial Property Executive, March 18, 2020. View in article, Johanson, “Today’s hotel is tomorrow’s coronavirus hospital.” View in article, Kim Bhasin and Edward Ludlow, “Social distancing crushes retail, hotels, dining,” Bloomberg, April 1, 2020. Jim has extensive experience in initial public offerings, private placements, and SEC filings, as well as advising clients in all aspects of mergers, acquisitions, divestitures, and due diligence activities. Discover Deloitte and learn more about our people and culture. Learn how this new reality is coming together and what it will mean for you and your industry. Through research, growth perspectives, case studies and more, Deloitte Insights keeps CMOs informed on the topics that matter most. It also provides insights into different alternatives companies are pursuing in response to the challenges. View in article, Mark Johanson, “Today’s hotel is tomorrow’s coronavirus hospital,” CNN, March 26, 2020. To get their companies ready, the CRE C-suite can focus on the following: Each CRE company is likely to prepare for the next normal, or to thrive, in a different way and over varied time periods, depending on their unique circumstances. Based on three economic scenarios laid out by the Deloitte Economists, the US real GDP growth could be -5 percent in a best or mild case scenario and -10 percent in the worst or severe case scenario in 2020 (figure 5).21. Deloitte Insights app. These converging factors, which may prevail over a sustained time period, will likely continue to influence occupiers and end users of real estate in unprecedented and unique ways, which is expected to have implications for the CRE industry. Prior to assuming the US RE sector leader role, he served as the head of Deloitte's Audit practice for the RE sector. While it is too early to fully understand the impact of these events, history can serve as a valuable source of information as we look forward. FASB Response to COVID-19 Web site. For more detailed insights on regulations and potential benefits, please refer to Deloitte’s recent report, COVID-19 stimulus: A taxpayer guide. Unlike the 2008 economic downturn, the CRE industry was in a strong position before the onset of COVID-19. PCAOB Response to COVID-19 Web site. Learn how to combat COVID-19 with resilience, Go straight to smart. The human and business impact of the COVID-19 pandemic continues to unfold globally. 18 Government Trends 2020 highlighted important trends that have begun to penetrate the heart of government. Social login not available on Microsoft Edge browser at this time. Below are a few themes that may play out over the respond and recover phases and scenarios for the thrive stage (figure 6). This was because trade activities and occupiers’ businesses were shut down (figure 3). View in article, Manus Clancy, “CMBS delinquency rate ticks up in March,” Trepp, April 2, 2020. Get advice on the issues and challenges you face as you lead with resilience. View in article, Pavan Lall, “Covid-19 impact: Private equity slows down, zooms in on portfolio companies,” Business Standard, March 30, 2020. Compared to the epidemics, pandemics, and economic downturns over the last century, COVID-19 has been unique in its global reaction and reach. Covid 19 coronavirus: Scramble to find 'missing link' in Sydney cluster 23 Dec, 2020 04:00 PM 4 minutes to read NSW Government announces changes to Christmas restrictions in Sydney. Find additional COVID-19 guidance and insights on Deloitte's Combating COVID-19 with resilience site. View in article, Dom DiFurio, “Dallas-Fort Worth apartment complexes closing amenities, halting non-emergency maintenance,” Dallas Morning News, March 16, 2020. Jim leads the US Real Estate (RE) sector for Deloitte. A podcast by our professionals who share a sneak peek at life inside Deloitte. Unlike past economic challenges, COVID-19 is having an immediate, widespread impact on the CRE industry across the globe. It all starts with resilient leaders like you, who quickly connect today’s resources—individuals, organizations, institutions, and society—to meet tomorrow’s challenges. Conducted online Sept. 9-15, it provides key insights into how COVID-19 is impacting the holiday season. Let us help you meet today’s challenges and connect with tomorrow’s opportunities. Connect to relevant sector and geographical insights to help you build organizational resilience. Even property touring activity has declined considerably in the current environment.11 For instance, US CRE transaction volume declined 27 percent year on year in March.12 In early April, most realtors reported a decline of over 30 percent in buyer traffic.13, Developers’ project timelines and cash flows are affected due to the slow pace of activity and a halt in certain types of construction, including new developments.14 A recent contractor survey revealed that more than one-half of US construction firm respondents halted or suspended projects and more than two-thirds experienced delays due to a shortage of materials and personal protective equipment.15 Project sites that are still active have to adhere to guidelines on social distancing and frequent cleansing of common areas and construction equipment.16 Further, the Fannie Mae Home Purchase Sentiment Index (HPSI) declined 11.7 percent in March to 80.8, its lowest level since December 2016, indicating a potential decline in new home sales.17. There is no immediate decline in PERE investments, due to their nonpublic status. already exists in Saved items. To better understand these challenges, Deloitte Global conducted a … See something interesting? © 2020. Coworking/coliving/holiday rental spaces have seen an adverse impact; users are unlikely to return to a short-term lease model in the near future.19 However, proptechs that offer digital solutions related to property and building management might fare better, as CRE companies could rely on technology to manage operations and interact with tenants. Through our research, roundtables, and other forms of engagement, we seek to be a trusted source for relevant, timely, and reliable insights. IFRS in Focus April 2020 (Accounting considerations related to the Coronavirus 2019 Disease) **Updated 29 October 2020**. Combating COVID-19 with resilience | Deloitte | COVID-19 Public authorities are taking decisive action to respond to the emerging health threat, leading the business community to reconsider the adequacy of their pandemic preparedness measures. View in article, Steffan Berelowitz, “Preparing your hotel for quarantine and social distancing during the coronavirus pandemic,” Pegasus, March 31, 2020. But the expansiveness, depth, and unprecedented reach of this pandemic has started impacting the CRE industry much sooner. Living in Dallas, Jim has been heavily engaged in several real estate and community organizations including The Real Estate Council and United Way of Metropolitan Dallas. ... Deloitte Insights Consumer Industry Center, Deloitte LLP. The COVID-19 situation is complex and fast-moving, resulting in an extremely challenging environment to navigate. Deloitte Global research highlights impact of COVID-19 on working women and how employers can prevent a setback in achieving gender parity Press release Published December 1st, 2020 - 08:51 GMT Get the Deloitte Insights app The first wave and recurrences of COVID-19 continue to plague many parts of the world. Deloitte | COVID-19 | Global Regulatory Intelligence Bulletin | Wednesday 6th May 2020. A study by Deloitte found that 68% of business leaders globally used automation to respond to the impact of Covid-19. And to help us all build a more resilient world. Technologies such as robotics and natural language processing look set to play a major role in the coming years. As buyers and sellers take a wait-and-see approach and CRE deals are delayed, most brokers feel the effects. Same job available in 11 locations ... and manage data to deliver meaningful insights necessary to help companies of all sizes and across multiple industries address regulatory and business challenges. However, the CRE industry recovered from these events at varying paces: While event-oriented downturns showed a quicker rebound, longer-term events, such as the 2008 recession, resulted in a more protracted recovery (figure 1). Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). Please see www.deloitte.com/about to learn more about our global network of member firms. Find the knowledge, resources, and capabilities you need to build a more connected, resilient world. For information, contact Deloitte Touche Tohmatsu Limited. This abrupt change in the way we work has required mass remote working, a complete lifestyle change, and has created a fair amount of fear. At many companies, COVID-19 has situated CIOs and their digital teams at the forefront of organizational response and recovery. Balance sheets, capital availability, and liquidity were healthy; companies could manage their debt maturities to longer positions (figure 2). View in article, Lisa Rabasca Roepe, “Will COVID-19 be the death of coworking spaces?,” Marketplace, April 3, 2020. This page brings together Global Deloitte insights to help businesses manage and mitigate the risk. Emerging from the initial disruption sparked by the COVID-19 pandemic, many organizations are taking a fresh look at how they manage third parties All rights reserved. Here is a breakdown of the impact on CRE subsectors. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. The impact on proptechs varies by the type of products and services they provide. View in article, KHL, “Podcast: US construction bears impact of pandemic,” April 21, 2020. The COVID-19 situation is complex and fast-moving, resulting in an extremely challenging environment to navigate. Government actions that impact the CRE industry, The way forward: Respond, recover, and thrive. Deloitte Israel & Co. is a firm in Deloitte Global Network. Seven out of 10 participants who say they have experienced negative shifts in their routine as a result of COVID-19 believe their opportunities for advancement have decelerated. Dive into industry-specific insights addressing your business challenges. The Coronavirus Disease 2019 (COVID-19) pandemic is affecting economic and financial markets, and virtually all industries are facing challenges associated with the economic conditions resulting from efforts to address it. SEC Coronavirus (COVID-19) Response Web site. Find additional COVID-19 guidance and insights on Deloitte’s Combating COVID-19 with resilience site. A Deloitte Global survey of 400 women across nine countries found many respondents are concerned about the effect the pandemic may have on their career progression. CEOs are eyeing an agenda for growth in the year ahead, with a focus on leveraging new alliances and ongoing digital transformations, according to a recent survey by Fortune and Deloitte’s Chief Executive Program. View in article, PR Newswire, “Simon Property Group announces amended and extended $6.0 billion revolving credit facility and term loan,” March 16, 2020. See Terms of Use for more information. The rapid pace at which the pandemic is spreading and global actions to curtail it are having an unprecedented impact on the way we live and do business. Others are expected to look for valuation plays in gateway markets or to invest in distressed assets. View in article, The services sector is defined as most nonconstruction and nonmanufacturing economic activities including finance, telecoms, transportation and distribution, retailing and wholesaling, professional and business services, utilities, health care, and education. View in article, Erika Morphy, “Everything is on the table as tenants and landlords talk about rent relief,” GlobeSt.com, April 3, 2020. Deloitte study: Four in ten consumers plan to spend less this Christmas than last year in the context of COVID-19 pandemic - BUSINESS Copy a customized link that shows your highlighted text. Since the pandemic began, CRE companies have generally focused on addressing short-term liquidity issues, accessing and securing their facilities, maintaining tenant engagement, complying with governmental directives, and managing the virtual close of their financial information. Ninety-six percent of surveyed CEOs say they consider diversity, equity, and inclusion a strategic priority. ... Deloitte Insights Consumer Industry Center, Deloitte LLP. Please enable JavaScript to view the site. Jim is a frequent speaker and instructor on industry and other technical subject matters at the national level with Deloitte. Below are some of the steps taken so far: As Deloitte’s Resilient leadership framework mentions, companies can start recovering by learning from the current pandemic and taking targeted measures to emerge stronger in the medium-term. For more detailed insights on regulations and potential benefits, please refer to Deloitte’s recent report, COVID-19 stimulus: A taxpayer guide. Simply select text and choose how to share it: COVID-19 implications for commercial real estate Deloitte Insights for CMOs brings together industry leaders, visionaries and innovators all in one place to provide their latest insights. This includes, but is not limited to, financial market volatility and erosion, deteriorating credit, liquidity … View in article, John Worth, “Nareit member survey results on COVID-19 and April rent collections,” National Association of Real Estate Investment Trusts, April 20, 2020. During his more than 30 years of experience, Jim has worked with public and private companies across many segments of the RE&C sector including REITs, and private equity companies. Explore geographical insights to help you address local business challenges. AFIRE, “AFIRE 2020 International Investor Survey,” March 4, 2020. As the pandemic increases in both magnitude and duration, entities are experiencing conditions often associated with a general economic downturn. DOW JONES, A NEWS CORP COMPANY. Get daily updates on your mobile device Deloitte Review. Links to other Deloitte financial reporting resources that address the effects of the COVID-19 pandemic are provided throughout this publication. By Karen Taylor, Director, and Maria João Cruz, Research Analyst, Centre for Health Solutions. Explore business recovery from COVID-19 ... they believe their employer is capable. Deloitte COVID-19 webcast series **New video released on 14 July 2020** The Coronavirus Disease 2019 (COVID-19) pandemic is affecting economic and financial markets, and virtually all industries are facing challenges associated with the economic conditions resulting from efforts to address it. While the COVID-19 pandemic has shifted government focus temporarily, these trends … Analytics. The COVID-19 situation is complex and fast-moving, resulting in an extremely challenging environment to navigate. Telecommunications, Media & Entertainment. Deloitte Authored Content. Deloitte Review, issue 27. Broadly, the immediate leasing risk is softened for REITs because they have long-term lease contracts. Guiding organizations to a more sustainable future. With REITs, there has been varied impact across property types based on the pandemic’s influence on tenant businesses. Subscribe to access expert insight on business technology - in an ad-free environment. The S&P 500 and Russel 2000 declined by 13 percent and 29 percent year to date as of April 15.2 The US 10-year treasury yields declined by 127 bps to 0.6 percent over the same time period.3. SEC Coronavirus (COVID-19) Response Web site. Currently, investors are, for the most part, focusing inward by helping portfolio companies manage costs and liquidity.18 To manage risk and allow for opportunistic plays, allocations may shift. View in article, Mack Burke, “Stay of execution: COVID-19 has hotel CMBS backed into a corner,” Commercial Observer, April 3, 2020. Five fundamental qualities distinguish resilient leaders who navigate their companies through the COVID-19 crisis, blunting its impact and helping their organizations emerge stronger. According to Deloitte’s The heart of resilient leadership: Responding to COVID-19 report, a typical crisis plays out over three time frames: respond, when companies deal with the present situation and manage continuity; recover, when companies learn and employ strategies to emerge stronger; and thrive, when companies prepare for and shape the “next normal.” To respond, recover, and thrive, each CRE organization will have to chart its own path based on the pre-COVID-19 state of its business and decisions and actions made since then. With rising selling pressure and illiquidity concerns in the agency commercial mortgage-backed securities (CMBS) markets, the Fed provided short-term financing to investors.20. Deloitte Israel Group a leading professional services firms, providing a wide range of world-class audit, tax, consulting, financial advisory and trust services. The way forward: Respond, recover, and thrive. The evolving economic situation has had a significant influence on property owners, brokers, developers, and proptechs. Deloitte Risk & Financial Advisory Analyst - Analytics. Technology leaders can draw on a range of emerging technologies and capabilities to help shape the “next normal” and enable future readiness and resilience. This daily regulatory intelligence bulletin, powered by RegHub and Corlytics, aims to provide a summary of regulatory developments relating to COVID-19. View in article, VirtualAPT, “Virtual tours prompt engagement during widespread isolation,” Propmodo, March 18, 2020. 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