Just three months after the virus first arrived in the United States, it already feels like SARS-CoV-2 has been with us for an eternity. But in all likelihood, we're still closer to the start of this health crisis than to its end.

While it didn't take long for the pandemic to make its mark on commercial real estate, it may be some time before we fully understand the scope of its impact on our industry. To help you navigate these uncertain times, Reva has scoured the Internet to bring you the latest news on COVID-19 and commercial real estate.

Here are this week's top stories.

CRE at large

MarketWatch: In what will likely mark the end of a years-long decline in delinquencies, the U.S. CMBS market is bracing for widespread defaults. Analysts at Deutsche Bank say new CMBS debt could plummet to $50 billion this year, cutting their initial forecast by more than 50%.

Wall Street Journal: While coronavirus has most real estate owners on the defensive, some investors are shoring up capital in preparation for a buying spree. In the words of Baron Rothschild: "The time to buy is when there's blood in the streets." And as the pandemic rages on, that's exactly what many distressed real estate funds intend to do.

Business Insider: Virtual tours have long been hyped as a game-changer for commercial brokerage, and they may have found their magic moment in the age of social distancing. Are clients finally ready to lease (or buy) sight unseen? Probably not. But firms like CBRE and JLL expect virtual tours to take on an increasingly important role in a broker's marketing toolkit.

Broker Resources

CBRE — COVID-19 Resource Center
C&W — COVID-19 Recovery Readiness
JLL — Coronavirus (COVID-19) Resources for Real Estate
NAR — Coronavirus Guidance for Commercial Real Estate

Other CRE Resources

CCIM Institute — Coronavirus (COVID-19) Resources and Guidance
NAREIT — Coronavirus Market Commentary
ULI — COVID-19 Industry Insights

Multifamily

New York Times: Real estate's status as a "passive" business is making it difficult for residential landlords to qualify for government aid, including the SBA's Paycheck Protection Program. Until new legislation is passed, most landlords are stuck balancing the demands of their lenders against the needs of their tenants—but state and local measures may soon provide some support.

Bisnow: Only the latest in a series of economic gut punches thrown at millenials, COVID-19 stands to further increase the country's share of "permanent renters." Marcus & Millichap expects a decline in household formation as young Americans move in back in with family members or roommates, and with mass job losses putting downward pressure on rents, experts question whether homeownership will ever prove a realistic option for today's youngest generations.

RE Business Online: To align its response with the CARES Act and provide further relief to renters, Freddie Mac is revising the terms of its Multifamily COVID-19 Forbearance Program. In addition to pushing back the program's expiration date, the agency is now requiring owners to waive late fees and penalties during the forbearance period. While landlords are still barred from evicting tenants for nonpayment, tenants are no longer required to prove that their nonpayment is the result of COVID-19-related hardship.

Multifamily Resources

NMHC — Coronavirus (COVID-19) Hub
NAA — Coronavirus Resources and Guidance
Fannie Mae — Multifamily COVID-19 Support
Freddie Mac — Multifamily Business COVID-19 Updates

Retail

Wall Street Journal: Retail tenants are asking for rent relief, and many landlords are choosing to play ball—albeit with strings attached. Before getting a break on the rent, tenants must provide ample proof that their business has been impacted by the pandemic.

CNBC: No city has been hit harder by coronavirus than New York, giving observers a sneak preview of the pandemic's impact on the retail real estate market. Spoiler alert: it's not a pretty picture, with Q1 asking rents down by an average of 9% year-over-year.

Reuters: Luxury retailer Neiman Marcus may file for bankruptcy as early as this week, a milestone the debt-stricken department store chain has been trying to stave off for some time. Having already furloughed most of its 14,000 employees, the company is working to close a financing package that will sustain partial operations throughout its bankruptcy proceedings.

Retail Resources

ICSC — COVID-19 Information & Resources Center

Office & Industrial

Fortune: Predictions abound as to how today's work-from-home mandates will shape the future of remote work, yet some companies are already eyeing the potential savings. Research firm Global Workplace Analytics forecasts that 25-30% of U.S. employees will be working from home multiple days a week by the end of 2021.

Fast Company: Eventually, workers will return to the office, but in the wake of COVID-19, what will that office look like? Cushman & Wakefield has some ideas. The "Six Feet Office," an experimental redesign of the company's Netherlands headquarters, features visual cues and tracking devices that help keep co-workers at an appropriate distance.

LA Times: Already facing financial headwinds, co-working giant WeWork is struggling to stay afloat in an industry battered by coronavirus. As competitors like Convene and Knotel lay off staff and suspend operations, WeWork is in ongoing negotiations with its landlords in hopes of slashing future rent liabilities by up to 30%.

Wall Street Journal: As retailers rethink their supply chains in response to the pandemic, industrial real estate operators anticipate a shift away from just-in-time inventory towards a more robust "safety stock." The economic downturn may soften demand for warehouse space in the near term, but landlords like Prologis believe COVID-19 will ultimately drive further growth in the e-commerce sector and accelerate the adoption of D2C grocery delivery.

Office & Industrial Resources

NAIOP — CRE Response to COVID-19