Commercial/Multifamily Briefs June 25, 2020
Avison Young to Allow Employees to Work Remotely Through End of 2020
Returning to the office will be voluntary through December 31, 2020 for Avison Young employees who can perform their duties remotely.
Avison Young Chair and CEO Mark Rose said the extended remote-work flexibility balances the desires of people eager to get back into the office and those who need to continue working remotely, while prioritizing safe and healthy work environments. “In our approach, we are taking an informed and conservative view on the reintroduction of staff in the workplace based on the best practices of Human Resources and real estate,” he said.
Construction Employment Rises in 45 States, D.C.
Construction employment rose in 45 states and the District of Columbia in May following the loss of nearly one million construction jobs nationwide in April, The Association of General Contractors said.
“The widespread uptick in construction employment in May is welcome news following a month in which industry employment shrank in all but one state,” said AGC Chief Economist Ken Simonson. He said Paycheck Protection Program loans allowed many firms to recall or add employees in recent weeks. But only about one-fifth of firms reported winning new or expanded projects, while nearly one-third of firms say an upcoming project has been canceled, he said.
Simonson noted nearly one-fourth of contractors reported a project that was scheduled to start in June or later had been canceled.
Of the 45 states with construction job gains over the month, Pennsylvania had the largest increase (77,400 jobs or 48.9 percent). Michigan had the largest percentage increase (51.4 percent, 50,500 construction jobs). Construction employment declined from April to May in five states. Hawaii lost the largest number and highest percentage of construction jobs (-700 jobs, -1.9 percent).
Freddie Mac Prices $1 Billion Multifamily K-Deal, K-110
Freddie Mac, McLean, Va., priced a new offering of Structured Pass-Through K Certificates backed by underlying collateral consisting of fixed-rate multifamily mortgages with predominantly 10-year terms. The company said it expects to issue $1 billion in K-110 certificates, which should settle on or about June 25.
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC served as Co-Lead Managers and Joint Bookrunners. Brean Capital LLC, Goldman Sachs and Co. LLC, Siebert Williams Shank & Co. LLC and Wells Fargo Securities LLC co-managed the process.
