In retrospect, launching a real estate investment company in the beginning of March — days before the spread of COVID-19 spurred the first lockdowns — doesn’t feel like ideal timing for Beachwood’s TurnCap.
With work from home becoming a common standard in today’s environment as the pandemic lingers, the broader commercial real estate market is getting hammered as scores of companies revisit their spatial needs and back rent piles up.
Large office spaces and retail centers are facing some trouble amid today’s focus on remote work and online shopping. In the law firm world, for example, opulent corner offices may be falling out of style as companies look to trim costs in an uncertain economy.
Yet TurnCap co-managing partner Jon Pinney, pointing to pockets of commercial real estate still holding up well, isn’t overly concerned.
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