Neisen Kasdin, Miami Office Managing Partner, spoke to Bisnow about the fallout expected by South Florida businesses as a result of the economic turmoil caused by the COVID-19 pandemic. According to Bisnow, multifamily, office, and industrial are in better standing with landlords than hospitality and retail so far. In a survey, landlords said apartment rent collections ranged from just below 90 percent to nearly 100 percent, industrial around 98 percent, but retail much lower, around 60 percent. For troubled companies that have so far survived with accommodating landlords, grants, and PPP loans, the next three to six months will provide a clearer picture of the economic fallout from the coronavirus.
“Businesses will either have to pay, or sell, or cut some sort of deal,” he said.