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The COVID-19 pandemic’s immediate effect on commercial leasing was obvious. Businesses, compelled by executive orders to reduce in-person operations or even to cease operation altogether, looked for relief from their rental obligations. Commercial landlords, who were subject to a state-ordered eviction moratoriums but no corresponding state-ordered mortgage forbearance, faced the prospect of losing the income they needed to support ongoing expenses such as mortgage payments, taxes, insurance, and maintenance costs. Landlords, tenants, and insurance companies are still negotiating and litigating over how that financial impact should be apportioned.
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By Alan Nochumson and Clementa Amazan
The Commonwealth Court of Pennsylvania recently analyzed whether the City of Philadelphia’s selective reassessment in tax year 2018 of only commercial properties at current market value violated the Uniformity Clause and the Assessment Law’s requirement that the City assess all properties annually at actual market value.
A recent case in New York's First Department highlights the extreme deference appellate courts accord Board of Standards and Appeals (BSA) determinations interpreting the extraordinarily complex zoning scheme.
By Beau Jones
Before investors get too carried away by the news of recovery in commercial real estate, they should pause to ask themselves, “what are we recovering from?”
By Melea VanOstrand
The South Florida office market has seen a shift due to COVID, with some downsizing and modifications of office buildings, but the influx of new potential tenants has helped mitigate any potential downsides other markets may have seen.