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Profimex Market Review Update – November 12, 2020

12.11.2020

Jared Kushner’s CRE Firm Has Filed Hundreds Of Eviction Notices, Charged Court Fees

Westminster Management, a multifamily investment firm, partially owned by Senior Advisor to President Trump, Jared Kushner, has filed hundreds of eviction notices in the Maryland District Court. According to the Washington Post, the landlord is charging those court fees to the tenant’s rent. Despite the statewide moratorium, preventing eviction hearings from being held, Kushner’s firm continues its eviction filings to be toward the front of the line when proceedings resume in the beginning of next year. In the past, there have been a controversy around Westminster Management for their treatment of working-class to low-income tenants.

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Offices Probably Won’t Shrink Much After The Pandemic, But Density Will

While employees are slowly returning to their offices, employers and space providers are still debating how much space tenants will need in the future. Opinions on the one side are that corporations will downsize because of remote working, while people with opposing opinions argue that the long-term need for office spaces remains high. In the past, companies have made their spaces denser and more efficient to encourage collaboration between co-workers. As employees now requiring more individual work area, corporations might have to increase their space to facilitate such space requirements. Numerous real estate experts believe that it will probably be something in the middle, where tenant space will look like what it is today. Gensler co-Managing Director Stephanie Burritt says that “it feels like a breakeven right now, what my gut is also telling me.”

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