The world continues to struggle with containing the spread of COVID-19, with many countries extending their lockdown period to hunker down and ride out the storm. As a result, economies worldwide are placed in a vulnerable spot; relying greatly on stimulus and concessions to stay afloat.
Extraordinary measures were also taken by governments to protect and sustain businesses. In numerous cities, major infrastructure projects have been fast-tracked to boost local economies and fortify the real estate sector. Meanwhile, commercial property landlords in the UK have been temporarily banned from demanding rent arrears from suffering tenants.
The hospitality sector – amongst the hardest hit – are putting their rooms to good use by housing quarantined personnel, offering free or discounted rooms to healthcare professionals; exemplifying the much needed solidarity during these difficult times.
Each week, we will share with you the best reads on industry news & trends.
What caught our eyes this week
Victoria Green Lights Mega Projects to Boost Economy
The Urban Developer – The combined approved projects, worth more than $1.5 billion in building costs alone towards Victoria’s economy aims to prop up the struggling development industry over the short, medium and long term.
How hotels in Asia Pacific are stepping up
JLL – As the world grapples with travel restrictions and social distancing measures related to the coronavirus pandemic, the hospitality sector has been among the worse hit. But hotels across Asia Pacific are putting their empty rooms to good use.
Commercial property landlords banned from demanding rent arrears
The Guardian – Commercial property landlords in the UK have been temporarily banned from taking legal action against tenants who have not paid their rent, to protect retailers and businesses from “aggressive rent collection” during the coronavirus crisis.
Global sentiments for real estate appear less pessimistic: Savills
Edge Prop – In a survey comprising 31 countries, Savills has gathered that the property outlook worldwide has improved slightly – 19% of countries reported “severe” negative impact, an improvement from the 29% on reported on March 31.
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