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While Economy Recovers, Commercial Real Estate May Be Due for a Correction
The word "recovery" comes up a lot these days, describing everything from recent job gains to resurgent lending and transaction volume in commercial real estate. But before investors get too carried away by the good news, they should pause to ask themselves, "what are we recovering from?"
It may be safe to say the nation is on its way to recovering from the pandemic. Just over half or 51.4% of U.S. residents had completed a vaccine series for COVID-19 as of Aug. 26, according to tracktherecovery.org. Consumers are frequenting sit-down restaurants and brick-and-mortar retailers again, and businesses are navigating returns to the office. Employment has rebounded in many sectors, although jobs in the lowest quartile are down 20% or more since January 2020 and have moved little in the past 12 months.
What we are not recovering from is a correction in commercial real estate or the larger economy. To the surprise of many experienced professionals in commercial real estate finance — myself included — the real estate markets have had little from which to recover. For now, at least, it appears the federal government's measures to prop up the economy during the pandemic averted a disaster of defaults that threatened to swallow occupiers, landlords and lenders alike.
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?