Profimex Market Review Update – December 21, 2020
December NYC Apartment Rent Collections Drop To 79%
According to a recent survey by the Community Housing Improvement Program, which surveyed landlords that collectively own over 80,000 units, about 21% of renters did not pay rent by December 14th in New York City. Rent concessions increased as well, which helped lower vacancy from 13.2% to 11.8% between November and December. “[Landlords] have borne a significant financial burden as the government has done absolutely nothing to help them, and not nearly enough for their tenants. This cannot continue,” CHIP Executive Director Jay Martin said in a statement. He continued to explain that, “The government needs to step up and provide rental assistance to renters who cannot afford to pay, and give housing providers property tax breaks to offset their lost rent arrears.”
The Future Retail Store Will Double as a Last Mile Distribution Channel
As the pandemic accelerated disruption in the retail sector and shifted even greater demand toward online shopping, CBRE’s latest report details how consumers still want a multichannel shopping options. Their perfect experience is an omnichannel solution of physical stores, online stores, mobile commerce and social commerce. In the report, John Morris, leader of industrial logistics and retail for the Americas, explains that, “Although not every store in a retailer’s portfolio will be a hybrid, it is evident that retailers will need to strategically determine how many and which stores should be converted to a hybrid model.” For example, some retail stores can become a point for reverse logistics to handle large volumes of returns.