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Part Five of a Five-Part Series.
As Mark Twain quipped, "The reports of my death are greatly exaggerated." So too is the reported retail "apocalypse" and "death" of the shopping center. In fact, U.S. retailers opened 1,326 more locations in 2017 than they closed. When restaurants are added to the mix, there were a total of 4,080 new openings in 2017 and another 5,050 openings planned this year.
The retail industry has faced significant challenges this past year. In 2017, more than 5,000 retail stores closed their doors, many of them portfolio-wide closures by well-known department-store chains that were synonymous with the traditional shopping mall. Toys R Us recently joined a growing list of more than 35 retailers that filed for bankruptcy in 2017, according to S&P Global Market Intelligence. Even more unsettling, Bankruptcydata.com reports that the Toys R Us bankruptcy is the third largest retail bankruptcy of all time.
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Selective Reassessment of Only Commercial Properties Violates the Uniformity Clause
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.
NY Appellate Courts Defer to Board of Standards In Zoning Cases
By ssalkin
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.
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By Ann E. Ryan and Adrienne B. Koch
First in series of articles that will examine specific aspects of the COVID shift in which commercial lease negotiations are seeking protection against unlikely events. Part 1 focuses on casualty provisions.
While Economy Recovers, Commercial Real Estate May Be Due for a Correction
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?”
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