Real Estate at the Center: COVID-19 and Community Updates

The Impact of COVID-19

We hope you and your families are safe and well. COVID-19 is rapidly changing the way the world is doing business right now, and everyone is adapting. Columbia Business School has worked tirelessly over the last few weeks to move more than 200 courses to remote instruction for the remainder of the semester, while also moving faculty and staff operation to remote locations. It has been inspiring to see the innovation and perseverance from our colleagues across the business school, the tenacity of our faculty as they adjust the format of their courses, and the adaptability of our students as everyone navigates a new virtual terrain. The Paul Milstein Center for Real Estate remains committed to furthering real estate education at the Business School, and supporting our students, alumni, and faculty through this unprecedented time in the School’s history. Stay tuned for new opportunities to connect with us, and stay in touch with suggestions about how we can support our real estate community during this challenging time. We look forward to gathering again as soon as possible.

Below you can find some thoughts on COVID-19 and the real estate industry, including thoughts from the Center’s faculty and alumni.

Do you have news to share? Let us know.

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Webinar: How is the Coronavirus pandemic impacting real estate credit markets?

Last week, the Paul Milstein Center for Real Estate organized a special webinar for Columbia Business School faculty addressing the impact of the Coronavirus (COVID-19) on real estate credit markets. We examined the latest information on the availability of credit, sectors that might have vulnerabilities, and how lenders may manage potential defaults. The expert panel combined faculty with senior executives from the industry. The webcast combined initial presentations with a discussion among panelists with questions from participants.

To view a recording of the webinar, please visit or join the CBS Real Estate Alumni Community.

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Faculty and Alumni Weigh In

US Orders Up to a Yearlong Break on Mortgage Payments (NPR)

“We don't want people who have been responsible in making their mortgage payments to suddenly be declared delinquent and to lose their access to credit,” he says. That's really important for the economy to recover as quickly as possible after the outbreak is over. “Let's fight the virus, and let's hold people harmless for something that they didn't control,” Professor Christopher Mayer says.

Hotel Owners Are About to Blow Through Cash on Virus Travel Cuts (Bloomberg)

Travel restrictions and restaurant closures aimed at stopping the spread of the virus, along with a looming recession are all bad news for the hospitality industry, and even well-capitalized owners are going to blow through cash reserves quickly, Jonathan Falik '99, chief executive officer of JF Capital Advisors, said in an interview.

Welltower CEO: Coronavirus Outbreak Could Show Value of Senior Care Communities (Senior Housing News)

Though the senior living industry is bracing for the challenges posed by a potential coronavirus outbreak, COVID-19 could show the value of senior housing communities that are well-equipped to care for those who are infected and mitigate a wider spread, Welltower CEO Tom DeRosa '88 suggested.