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Home Retail

Oak Brook looking for more sales tax revenue from retail businesses

PrR by PrR
2022-03-22
in Retail
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Oak Brook looking for more sales tax revenue from retail businesses
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Herman said Illinois sales tax laws are complex, and that complexity creates an environment for retailers to potentially misconstrue the application of the laws to their sales activity. Herman said it’s not uncommon for premier furniture and jewelry stores to generate up to, or more than, $1,000 per square foot and some may not be.



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Office Doom or Boom? Unveiling the Post-Pandemic Property Paradox By Property Reporter June 8, 2023 Work-from-home or work-from-office? Dive into the seismic shifts shaping the commercial real estate market. From looming threats to surprising opportunities, this exposé reveals the strategies of winners in the 'donut effect' landscape. Investors, banks, and real estate developers - brace yourselves for an eye-opening journey through the unexpected twists and turns of a post-pandemic property market. Find out: Is your glass half-empty, or is it brimming with untapped potential? As the work-from-home era continues, the commercial real estate market is facing a reckoning. Offices across the United States are sitting empty, and banks that have lent heavily to the sector are bracing for impact. The problem is twofold. First, the rise of remote work has led to a decline in demand for office space. Second, the Federal Reserve's decision to raise interest rates has made it more expensive for businesses to borrow money. The combination of these factors is putting a strain on the commercial real estate market. In the first quarter of 2023, the value of office properties in the United States fell by 15% from its peak in 2021. And the number of commercial real estate loans that are delinquent or in default is on the rise. Banks are particularly vulnerable to the downturn in the commercial real estate market. They have lent billions of dollars to businesses to buy and develop office buildings. And if those businesses default on their loans, the banks could be left holding the bag. The Federal Reserve is aware of the risks posed by the commercial real estate market. In a recent speech, Fed Chair Jerome Powell said that the central bank is "watching it pretty closely." But Powell also said that he believes the banks are "strong" and "resilient." Only time will tell whether Powell is right. But the signs are not good. The commercial real estate market is in trouble, and banks are in the crosshairs. The donut effect: How COVID-19 shapes real estate The COVID-19 pandemic has substantially reshaped the real estate landscape across America's largest cities, contributing to a phenomenon known as the 'donut effect'. According to a study by Arjun Ramani and Nicholas Bloom, published by the National Bureau of Economic Research, rents in high-density areas and central business districts have seen a significant decline of over 10 percent since the pandemic's inception. This trend is attributed to a shift in housing demand within cities; from crowded, dense urban centers to more spacious suburbs. Yet, the move from pricier cities to more affordable ones hasn't seen a comparable momentum, suggesting a still-anchored preference for urban living despite space-seeking trends. One of the most significant changes enforced by the pandemic is the new working model, namely remote work, which has led to plummeting commercial office occupancy rates. This new work dynamic has caused commercial property prices in densely populated zip codes to drop drastically. Ramani and Bloom propose that falling property values in cities are likely a result of wealthier and more skilled residents leaving high-value properties. This demographic shift not only alters the urban landscape but also raises significant concerns over the financial health of cities; a decrease in property values translates to diminished property taxes, thereby potentially straining city budgets. As cities and the real estate market continue to adjust, the long-term impacts of these trends remain to be seen. What does this mean for the economy? The downturn in the commercial real estate market could have a ripple effect throughout the economy. Businesses that are struggling to make payments on their office loans may be forced to lay off workers or close their doors. This could lead to a slowdown in economic growth and a rise in unemployment. The government could take steps to mitigate the damage. For example, the Federal Reserve could offer loans to banks that are struggling with commercial real estate losses. Or the government could provide tax breaks to businesses that keep their workers employed. But there is no easy solution to the problem. The downturn in the commercial real estate market is a sign of the changing times. The work-from-home era is here, and it is having a major impact on the way we work and live. Adapting to the New Normal: Alfa Group Leverages 'Donut Effect' for Innovative Workplace Solutions in Budapest The seismic shift in work dynamics brought about by the pandemic has led to a seemingly paradoxical situation; despite the highest employment levels recorded in recent history, offices remain deserted. The 'donut effect' suggests that properties in less congested areas may experience increased demand as a consequence of these transformations. Amidst this backdrop, Alfa Group, an innovative real estate firm, has been pushing the envelope, advocating for and developing real estate that aligns with the evolving desires and requirements of its users. Embracing this new trend, Alfa Group has announced the completion of its latest development - an office building in Budapest's 11th district, a location away from the hustle and bustle of the city. As per the 'donut effect', such offices poised in less crowded zones are expected to be the beneficiaries of the current shift. Ohad Epschtein, the founder and CEO of Alfa Group International, comments on the company's latest venture: "At Alfa Group, we have always believed in moving with the times. This new office development is our response to the shifting landscape of work. It is designed to cater to a new generation of workers who value space, flexibility, and the balance between connectivity and tranquility. We're confident that these thoughtful spaces will resonate with the demands of the post-pandemic workforce."

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