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As the COVID-19 pandemic continues to place enormous stress on the commercial real estate industry — with hotels and shopping centers shuttered or experiencing depressed occupancy, urban apartments losing tenants and the lack of federal stimulus — an increasing number of commercial real estate loans are facing current or impending borrower defaults. The second quarter of 2020 reportedly saw a 65% increase in the overall delinquency rate for commercial real estate loans over the prior quarter, and upwards of $26 billion in commercial real estate loans have been downgraded to a rating of CCC or lower by a credit agency as of the beginning of September.
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By Anthony Davies
For the Big 4 consultancies, hoteling has been a positive operational construct for over a decade, or in some cases longer. The success of the decentralized law firm depends in some part on how well firms can shift “hoteling” from the negative connotation of “losing my desk” to the positive connotation of “having a hotel-like experience.”
By Charles Toutant
Since the pandemic began, lawyers have been using the coronavirus to justify nonpayment of rent, construction delays and even termination of labor contracts. But the prospect of litigating a contract cancellation based on force majeure is still so fraught with peril that many breach-of-contract disputes end in an amicable resolution.
By Joshua Wurtzel
The use of the frustration-of-purpose doctrine to absolve commercial tenants of their obligation to pay rent could signal headwinds for the commercial real estate market — and the economy more generally.
By Erik Sherman
The new Delta variant of COVID-19 is speeding across the country, raising the question of whether the assumptions earlier this year of an economic rebound — some even predicted a super bounce — were premature.