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6 must reads for the AEC industry today: September 14, 2020

63% of New York's restaurants could be gone by 2021 and new weapons in the apartment amenities arms race.

September 14, 2020 |


1. Mobile ordering is a centerpiece of Burger King’s new design (BD+C) 
"
The first new designed restaurants will be built in Miami (Restaurant Brands’ headquarters city), Latin America, and the Caribbean islands. Restaurant Brands did not disclose when the new designs would be extended to other cities in the U.S. Burger King has 18,756 locations in more than 100 countries, nearly all of which are independently owned franchises."

2. Property values face collapse as more hotels hit the market (American City Business Journals via National Real Estate Investor)
"More San Antonio hotel owners may be compelled to sell at reduced rates as loan payments become tougher to cover."

3. How lenders are helping AEC firms cross COVID hurdles (Commercial Property Executive)
"Financially stable architecture, engineering and construction firms have been able to roll with work stoppages and workforce issues, says Phillip Ross of Anchin."

4. SURVEY: 63% of the Empire State's restaurants could be gone 'In A New York Minute' by 2021 (Bisnow)
"Nearly two-thirds of New York’s restaurants are on track to close by the end of 2020 and over half of those restaurants are likely to do so within the next two months.  Just under 64% of some 1,042 restaurants across the state said they would close by New Year’s Day without monetary assistance and 54.8% said they would be forced to close by Nov. 1, according to a survey conducted by the New York State Restaurant Association and released Thursday."

5. New digital weapons in the apartment amenities arms race (Propmodo)
"The amenities arms race. That is what the real estate industry loves to call the escalating level of services offered by apartment buildings. For decades in the country’s hottest luxury rental markets property owners have been investing outside of their units, providing all kinds of high-end facilities and high-touch services. In these competitive markets, gyms become closer to fitness clubs than weight rooms, doormen are more like concierge than security, and common areas more closely resemble private lounges than they do motel lobbies."

6. Rent collection high In most asset types, Marcus & Millichap finds  (Commercial Property Executive)
"While in some sectors more than 95 percent of tenants are meeting their rent obligations, some retail assets continue to struggle."

 



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