The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27. It provides economic support for American businesses and individuals affected by the COVID-19 pandemic. The provisions of the $2 trillion spending measure are wide-ranging and involve relief for tenants and owners of commercial real estate. Following is a summary of the law’s implications for stakeholders across the major commercial real estate property types.
The COVID-19 crisis has placed varying levels of pressure on different segments of the commercial real estate market. Based on year-to-date REIT performance as of late March, the spectrum of pressure levied by the crisis is reflected in the diagram below.
While the CARES Act provides direct payments or tax relief for millions of Americans, the Federal Reserve also has been active in order to enhance market liquidity. Following is a summary of the Fed’s recent actions and their implications for commercial real estate stakeholders across all major property types.
Newmark Knight Frank’s professionals stand ready to advise our clients on how the CARES Act and the Fed’s recent actions can support their business activities. We invite our clients to call on us for guidance.
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