Fresh wave of coronavirus cases slows down office space leasing, firms put plans on hold – ET RealEstate

Corporates are again going to wait-and watch mode and putting the office space leasing decision on hold as the fresh wave of covid has created the uncertainty, according to property consultants. Office space leasing has already been slow since the imposition of first lockdown and companies shifting to work from home for long term. With […]

WeWork’s revenue dips 8% to $811 million in Q2 FY21 – ET RealEstate

NEW YORK: WeWork Companies LLC’s revenue declined in the third quarter but its cash burn slowed, a company memo showed on Thursday, with management confident the shared-workplace provider can weather the hit to the office sector from COVID-19. Quarterly revenue slid 8% from the second quarter to $811 million, while the company posted cash burn […]

Standard Chartered moves to permanent flexible working – ET RealEstate

LONDON: Standard Chartered will make permanent the flexible working arrangements for most employees that were put in place during the coronavirus pandemic, it said on Thursday. The Asia, Africa and Middle East-focused bank said it aims for around 50% of its markets, comprising around 70% or 60,000 of its employees, to be able to adopt […]

Deloitte to shut four UK offices, to retain all staff on work-from-home contracts – ET RealEstate

BENGALURU: Global accounting and consulting firm Deloitte will close four of its 50 British offices as it reviews its real estate portfolio in the coronavirus pandemic, but will retain the staff on work-from-home contracts, it said on Saturday. COVID-19 has changed working life for millions of people around the world, many of whom have switched […]

Landlords in US are getting squeezed between tenants and lenders – ET RealEstate

NEW YORK: When it comes to sympathetic figures, landlords aren’t exactly at the top of the list. But they, too, have fallen on hard times, demonstrating how the coronavirus outbreak spares almost no one. Take Shad Elia, who owns 24 single-family apartment units in the Boston area. He says government stimulus benefits allowed his hard-hit […]

Oil ministry wants PSUs to build 50,000 houses for renting to migrant workers – ET RealEstate

NEW DELHI: The petroleum ministry has asked oil PSUs such as Indian Oil Corp (IOC) to build 50,000 houses for renting to migrant workers as part of government plan to develop affordable rental housing after millions of labourers fled cities for villages amidst coronavirus lockdown. The ministry wants IOC and other public sector undertakings (PSUs) […]

Canada launches new business rent aid program – ET RealEstate

OTTAWA: Canada on Friday announced a round of new and enhanced support for businesses impacted by the coronavirus pandemic, including a new rent subsidy program to replace its previous, and much criticized, rent-relief program. The Canada Emergency Rent Subsidy program will provide direct support to businesses and other organizations that are facing revenue losses, Finance […]

Unite Group sees more student housing cancellations as UK coronavirus cases rise – ET RealEstate

BENGALURU: Student housing provider Unite Group said on Thursday there were more than usual cancellations in recent weeks following a rise in coronavirus cases in Britain, leading to occupancy falling short of its 90% target. The company, which provides homes to 74,000 students across 177 properties in 27 university towns and cities, however, held out […]

Kolkata: Tenants make beeline out of New Town, flat-owners feel the pandemic pinch – ET RealEstate

KOLKATA: The pandemic has triggered an exodus from New Town, the fledgling township to Kolkata’s east, as young professionals, expats and students have returned home, leaving behind vacant apartments and horrified landlords. Several sprawling complexes — which were largely occupied by people from other states working in the IT companies in Sector V and New […]

Can WFH concerns over comfort revive commercial real estate? – ET RealEstate

Real estate developers and select equity analysts believe that the initial euphoria about improved productivity from work from home (WFH) has ebbed and has now triggered concerns over employee burnout, organizational culture and team bonding. A survey conducted by Knight Frank also showed that 90 per cent of employees in the country miss their office […]