Today is Aaron and Adam’s first episode recorded in isolation due to the pandemic. They talk about how COVID-19 is affecting the commercial real estate industry and have invited Michael Brooks back on the show to weigh in. He is the CEO of REALPAC and has a vantage point on how the real estate community is responding to the pandemic.
Michael shares his thoughts on which asset classes are impacted the most and why. We hear his positive thoughts on how government is handling COVID-19 and about the lasting effects that we may see when the pandemic is over.
Topics covered include:
- Hotels being the hardest hit type of real estate.
- Apartments potentially suffering very soon and the suspension of evictions.
- Mortgage requests that lenders are already receiving.
- Shifting priorities at REALPAC in response to COVID-19.
- Working with government to make sure no one is left behind.
- How long different stakeholders can last in this situation.
- Rent and utility deferrals.
- If private landlords have been saving for a time like this.
- Lasting impacts after recovery.
- Pushing companies toward digitization.
- Areas that may become more valuable because of coronavirus.
- Why governments at all levels are doing a great job.
For more commercial real estate content, visit the First National Commercial Resource Centre.
More about guest:
Michael is the Chief Executive Officer of REALPAC, the senior Canadian industry association for large commercial real estate companies.
REALPAC represents the Canadian commercial real estate industry in government relations, public relations and standard setting. Michael has represented the Canadian real estate industry in all major policy initiatives with government, including property tax reform in several provinces, the emergence of real estate investment trusts and enabling legislation, real property income tax issues, telecom deregulation and building access, and many other issues since 1997.
Michael is also the Author and Editor of the Canadian textbook “Canadian Commercial Real Estate: Theory, Practice, Strategy”, and a former Adjunct Professor and Executive in Residence at Ryerson University’s Ted Rogers School of Management. He is a special advisor to the United Nations Environment Program Finance Initiative Property Working Group, and a Board member of GRESB, BV and Toronto Foundation.