Northeast

When the pandemic took hold and rents of commercial properties began to waver, many experts in the industry expected a flood of distressed properties to hit the market in mid- to late 2020. To date, however, that hasn’t happened to a large extent. Valuation firms assumed they would get busier as properties fell upon hard times. Karl Finkelstein is vice president of Business Development and senior managing director for Valbridge Property Advisors, an independent, commercial valuation and advisory services firm based in Naples, Fla. with 80 offices nationwide. Finkelstein spoke recently to REBusinessOnline and explains that while not many high-profile sales have happened, other factors have kept those in his area of the industry busy in recent times. Finkelstein covers likely outcomes for distressed properties in 2021 and which sectors are performing well. A flight to quality, low rates and a reevaluation of shifting pandemic timelines have meant that the valuation business has its work cut out for it. Asset Type Winners and Losers There isn’t much surprising in the list of property types experiencing difficulties at the moment. Lodging properties (especially those tied to conventions), fly-to resorts, urban retail and standalone restaurants (particularly those without drive-thrus) all experienced a …