AWARD WINNING EDITORIAL
AUGUST 8, 2022 VOL. 58, No. 32
INCLUDING THE HUDSON VALLEY
westfaironline.com
D EA AH GES EN LL
RESTAURANTS DESPITE MUL PUS ECONOMIC C TIPL H HA E
Photo courtesy Pixabay. BY PHIL HALL Phall@westfairinc.com
F
ew sectos over the past two years have faced the level of tumult experienced by the restaurant indus-
try. First, the pandemic shut down the indoor dining options for months, forcing restaurants to rely entirely on takeout and delivery to survive. But when the pandemic restrictions lifted and some degree of normalcy
came back to daily life, new economic challenges, including supply chain disruptions, labor shortages and record-high inflation brought another wave of problems to this sector. The result of these traumas
has been acute. New data published by the small-business networking company Alignable found 45% of independently owned restaurants were unable to pay their rent in July, up from 38% in June and up from 35% in
December 2021. On a regional level, the restaurant industry has locally distinctive challenges on top of the issues that face their peers around the country. “The industry is doing
RESTAURANTS
20
Interest rate hikes and more affect commercial real estate BY PETER KATZ Pkatz@westfairinc.com
W
hile interest rate hikes have affected the commercial real estate sector, they’re not all that’s causing industry concern, according to participants
in a panel discussion presented by Fordham University’s Real Estate Institute. The Institute offers programs leading to various degrees in real estate at Fordham’s Westchester campus in West Harrison as well as its facilities in Manhattan. Hundreds of business and indus-
try professionals attended the Institute’s “Rising Interest Rates and the Impact on Commercial Real Estate” event that took place July 26 at Fordham’s School of Law with both in-person and virtual audiences. On the panel were Andrea Balkan of Brookfield Asset
Management, Adam Doneger of Cushman & Wakefield and Ryan Severino of real estate investment and management firm JLL, which is based in East Rutherford, New Jersey. Balkan is a managing partner in Brookfield Asset Management’s Real Estate Group
and is responsible for the overall management of Brookfield’s real estate finance funds. Brookfield reports having $725 billion in assets under management. Doneger is vice chairman of Cushman & Wakefield, the global real estate services firm.
INTEREST RATE
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