Tag Archives: store

Cushman & Wakefield: The Impact of COVID-19 on Swiss Real Estate | Instant News

The COVID-19 case count was out of control so the Federal Government decided to take further action. The number of customers per square meter in shops has been reduced, there is a two-household rule for private meetings and restaurant visits, and now there are various restrictions for ski resorts. In addition, the Federal Government continues to advocate working from home.


Net yields for Swiss residential properties have remained stable during the COVID-19 pandemic. Vacancy rates in major cities such as Zurich and Geneva remain very low with stable average rental prices of CHF / sq m 330 in Zurich and CHF / sq m 370 in Geneva. Interest rates are expected to remain low until at least the end of 2021, which makes residential properties in sought after locations still a profitable investment for pension funds, other institutional investors, and wealthy private investors.


The office markets in Zurich, Geneva and Basel remained stable during 2020. Prices fell slightly in the middle of 2020 but jumped again towards the end of the year. The vacancy rate in Geneva remained the same (5%), office space in Basel increased slightly from 1.8% to 2.2% and in Zurich the vacancy rate fell from 1.4% to 1.1%. The median rent per square meter is CHF 360 in Zurich, CHF 240 in Basel and CHF 470 in Geneva. In suburban locations and locations with weaker infrastructure, the impact of COVID-19 is visible. Economic prospects as well as the increasing demand for a modern work environment make this location less desirable. Potential tenants at peripheral locations are very price sensitive, which causes prices to drop.


The rental price for retail space on the Zurich highways increased to CHF / m2 440 from CHF / m2 400 at the start of the year. Retail properties in the cities of Basel, Lausanne, Berne and Geneva also saw a slight increase in rental prices. Non-food retail spaces that are located within walking distance of the highway and on the outskirts are experiencing a decrease in demand resulting in lower prices.

In short, the demand for real estate with stable cash flow in a good location remains high among Swiss investors. Net yields for residential, CBD offices and highway retail properties were almost unchanged. The results for offices and retail in secondary locations have increased markedly.

October 29

The number of new COVID-19 cases has increased almost exponentially over the past few weeks, and to date, the federal government in Switzerland has decided on some additional measures that will have a drastic impact on everyday life.

Meetings in public spaces and private events are now limited to 15 and 10 people, respectively, and masks have to be worn almost everywhere.

Sports and cultural activities are limited to some extent which makes them largely impossible. Nightclubs must be closed and there is a curfew from 23.00 to 6.00, universities should switch to distance learning, and working from home is strongly recommended.

The appetite for real estate investing remainshigher, also driven by Swiss pension funds and insurance companies whose cash surpluses increased during the first lockdown.

We’ve seen a lot of traction on transactions related to property types including:

  • residence;

  • mixed use; and

  • commercial / industrial including development.

Investors still look at the core office, but currently there are only smaller properties on the market. We expect most of the ongoing deals to close before the end of the year – now that being used to the pandemic situation most investors have experience on how to deal with it.

The demand for office space from occupants fluctuates, with some companies still securing large spaces for the foreseeable future, while others are now focusing on more flexibility.

August 19

The pandemic COVID-19 outbreak caused the most serious decline in economic activity in Switzerland in more than four decades. Although there are signs of easing in the business situation, there is still a measurable drop in demand.

Swiss economic development will continue to depend on the pandemic. In the updated scenario, the leading Swiss Institute of Economics predicts that output will shrink by 4.9% this year, based on the assumption that the possible increase in new infections in the winter months can be contained.

However, the Swiss economy weathered the crisis relatively well compared to other European countries, with the GDP growth rate for 2021 estimated at 4.1%. Residential real estate and certain core products are crystallizing as safe havens for investors, and the importance of new asset classes such as Data Center be elevated.

August 5

Switzerland has had very few new COVID-19 cases since mid-May, so by June most of the restrictions had been lifted. As the number of cases increased slightly in July, it is mandatory to wear masks on public transport and self-quarantine for ten days after entering Switzerland from high-risk areas. Business continues as usual.

The corporate invaders are bringing people back to their offices (with and without social distancing) and there is debate as to whether they will try to reduce their existing footprint. While we have several examples of companies placing excess space in the market, this appears to be related to the difficult economic situation and decreased business turnover compared to implementing alternative workplace strategies.

Office and retail activities are on the rise again as tenants with expired leases are looking for attractive opportunities. Even with slightly less than usual demand, due to low supply, the main German-speaking Swiss centers show a paradoxical increase in market rents in certain sub-markets (eg Zurich CBD). However, the disparity in office vacancy rates and market rental rates is expected to widen between city and suburban locations.

The funding situation of Swiss institutional investors has not changed, and they are still looking to invest in both core and core + real estate with a home bias. The big deal that started before COVID is now continuing, with the sale of the 53,000 square meter Glatt Center in Zurich and other significant deals having been announced recently.

23 April

Last Thursday, the Federal Council announced plans for a ‘way back’ to a ‘new normal’:

  • April 27: some shops can be reopened, such as: hairdresser, DIY / garden center, flower shop

  • May 11: all retail stores can be reopened, schools too

  • June 8: the university will reopen, as well as a museum and zoo

The borders are still more or less closed, people are still told to stay at home and work from home. There is no set date for reopening the restaurant, bar, coffee shop and sports facilities. This says about 75% of Swiss companies are still working normally.

The commercial real estate market began to react to the economic slowdown. Landlords with restaurants and shops in their portfolios face a lot of pressure to reduce rents or even waive rents. We see that the retail real estate sector and the hospitality and leisure industry are temporarily near ‘dead’. In the office market, we see transactions go further as if nothing has changed and others are delayed or even stopped. In the investment market we see that the transaction process has not started, some are postponed, some transactions are still closed.

April 16th

Since last week, lock entry Switzerland has extended to 26 April. Schools, universities, shops (grocery store, gas station still open) and restaurants remain closed.

April 9th

In Switzerland, the lockdown was announced on March 13. Schools, universities, shops (grocery store, gas station remain open) and restaurants are closed at least until April 19. People were told to stay at home. Offices, construction sites and factories are still functioning – although everyone is asked to work from home whenever possible.

The authorities have developed several packages to try to help those affected by the actions being taken by the Federal Council (Bundesrat). As:

  • Loan

  • short working time for all sectors

The commercial real estate market began to react to the economic slowdown. Landlords with restaurants and shops in their portfolios face pressure to reduce rents or even waive rents – at least until the end of the closure.

Although some landlords are already facing difficulties obtaining leases for commercial space, the real estate industry has not reacted so far.

There is no clear vision for the future, but the retail sector appears to be ‘dead’ for now, especially as all shops are closed now.

There is also uncertainty in the office market. Some transactions are running as normal while others have been postponed or even stopped completely.

In the investment market we see transaction processing not starting, some being delayed, some being closed. The pricing still looks quite high and unchanged.


Cushman & Wakefield plc publish this content on January 14, 2021 and take full responsibility for the information contained therein. Distributed by the Public, unedited and unaltered, at 14 January 2021 20:37:02 UTC


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Italian market comes to Astoria | Local News | Instant News

A family of local educators started an Italian pasta and sausage shop.

Brothers and sisters Rachel and Matthew Gaetano, along with his wife, Julie Hoffman, hope to open the Gaetano Market & Deli in Allen Building at 10 and Commercial streets in February.

The shop will offer homemade pasta, sauces, sausages, lasagna, salads and sandwiches to take away, along with meats, cheeses and breads. Market share will include beer, wine and a selection of gourmet foods, including peppers, vinegar, oil, pickled vegetables, seasonings and dried pastas.

“We want to bring in items you won’t find at the grocery store,” said Rachel Gaetano.

The idea for the market grew when three former educators, all of whom recently moved to the North Coast, found themselves without teaching jobs scheduled for this school year. Rachel Gaetano completed a one-year contract as a math teacher at Seaside after moving from Arizona. Matthew Gaetano and Julie Hoffman are back after 18 years teaching abroad, including stints in Genoa, Italy.

“On our way home from work, we stopped at the pasta place and bought fresh pasta and sauce,” Hoffman recalls living in Italy. “It’s so easy to eat simple after work.”

Like many others, the family found themselves stuck at home and cooking more often. The Gaetano brothers remember visiting an Italian market near their childhood home in Los Angeles. Their grandfather owned an Italian restaurant outside Chicago, and their late father talked about starting a delicatessen and market.

“We did research, and there is no other Italian market on the coast,” said Rachel Gaetano.

Food shops and markets appeal to the family, with a focus on items to bring that won’t be affected by the coronavirus-related restaurant closings and will provide locals with easy-to-take home and reheated dinners.

The family browsed local restaurants for the right mix of floor space and kitchen to prepare ready-to-eat meals. They landed in the Allen Building, which developer Ted Osborn sold in 2018 to Lake Oswego couple Daniel Kaiser and Yvonne Troutman.

Next door to Gaetano’s is Caring for the Coast, an elderly home care company. At the 10th Street storefront of the Allen Building is Sacrilicious Beauty, a bath, body and skin care company.

Gaetano’s will replace Bellisima Salon & Spa, which was temporarily closed from August. Lauren Ryan, owner of Bellisima, said she plans to reopen the salon in a smaller location.

“We have looked into a few places in the city center but focused on a small space that could serve our new Babe Cave Clothing Co. salon and boutique, as well as being a safe haven for the homeless at night with heating lights and daily meals and apparel is gone, “said Ryan.


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Passion for fashion inspires boutiques | Nebraska | Instant News

Amanda Hoffman’s love for clothing as a teenager inspired her to open her own boutique in Hastings.

“I worked in retail when I was in high school and college and that’s where my interest came from,” says Hoffman.

Having six children, Hoffman felt the need to have other options for children’s clothing at Hastings so he opened the I AM Me boutique on October 3, 2017.

Since then, another shop in Hastings that offers closed clothes.

“Now it’s harder to find them,” said Hoffman.

At first, Hoffman planned to keep his shop online only, but the space he likes downtown opens up.

“Space at 838 West Second became available and I can imagine opening a storefront,” said Hoffman.

This week, Hoffman moved to 617 W. Second St.

The shop offers baby to women’s clothing as well as some men’s clothing.

They also carry baby gift items and accessories, such as bibs.

“I will bring your style of clothing, shoes and assessors to suit every occasion,” said Hoffman.

She said that for those who have the idea that I I will have nothing for them, she hopes they give her a chance by coming and seeing the various things the shop has to offer.

“I’m just going to challenge everyone to come in and shop and have a look,” said Hoffman.

Hoffman believes that clothing is a form of self-expression for who you are and how you feel.

She said that is why the shop provides a wide variety of clothing to help customers express themselves the way they want.

“We provide an ever-changing choice of clothes in a variety of styles so you can express yourself in the way that suits you best,” says Hoffman.

Hoffman said he had tried to make ME as comfortable as possible by offering a friendly atmosphere.

She said she likes customers to feel at home in the store and encourages customers with children to bring them.

“We have a children’s table for coloring, toys for the kids to play with or books from the Brook Bookshelf available to entertain kids while shopping,” says Hoffman.

She says that one of her favorite things about running a small business in Hastings is knowing that she makes someone’s day fun, which only adds to the fun of her day.

“Just seeing or hearing stories from our other employees,” said Hoffman.


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The FIA ​​orders the Utility Shop clerk for money laundering | Instant News

KARACHI: Corporate Crime Cells The Federal Investigation Agency (CCC) has registered a money laundering case against officers from a Utility Store Company (Pvt) for allegedly laundering money through his personal bank account and then buying property. Muneer Ahmad, a Utility Shop Company officer, has been detained at the Central Prison, Karachi, under FIR No.22 / 2020 registered in October by the FIA ​​CCC, Karachi, for embezzling millions of rupees from the state treasury.

FIA sources said this was the first independent money laundering case after laundering became a recognizable offense, following the reform of the Anti-Money Laundering Act (AML) 2010 in 2020. According to FIA documents, the defendant, Muneer Ahmed, is suspected of embezzling Rs. 22.2 million. from Pakistan Secretariat Store, Utility Stores Corporations (Pvt) Limited, and deposited in his personal bank account, and purchased property. During the investigation, it was discovered that Muneer Ahmed Khan, a former Warehouse In-charge (Commodities), USC (Pvt) Limited, laundered the proceeds from fraud and embezzlement of USC (Pvt) Limited funds, by depositing money in his personal bank account at United Bank. Limited, the Korangi K-Area branch, Karachi. Khan overlayed the proceeds of crime, transferring them to a different bank account. In time, he acquired two multi-million rupee plots in Karachi.

According to the FIA, Khan has since produced criminal proceeds from predicate offenses registered under the Anti-Money Laundering Act (AML), 2010, and then laundered the proceeds of crime by acquiring two properties, therefore, he committed money laundering punishable under part of the 3rd and 4th Anti Money Laundering Act (AML) 2010. The case was registered by Inspector Ayub Mangrio and will be investigated by Inspector Shabeer Chandio of Corporate Crime Circle FIA.


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In food trends, expect less new products, but more change in spending | Food & Cooking | Instant News

For those who are not ready to fully commit to a plant-based diet, there are new “mixes” available. Examples include 50-50 cow’s milk and almond milk mixes; and burgers made from equivalent beef and pea protein. These products allow companies selling meat and dairy to enter the plant-based market.

New ‘functional’ food and drinks

The increase in functional foods and drinks – products that contain nutrients beneficial to health – has also been predicted by many reports on food trends in 2021. “I think more of these functional foods will emerge on the immune front, especially with the current COVID-19 situation, “Says Amy Gorin, a plant-based dietitian, and expert on food media and trends, in Stamford, Conn.

Gorin has looked at several products made with mushrooms (which claim to help you focus), snack bars with adaptogens (which are claimed to provide energy and calm), and dark chocolate that is fortified with vitamin B12, a nutrient needed for proper immune function.

“With any of these functional foods, it’s important to be aware of your overall nutritional intake from fortified products,” says Gorin. “For example, if you eat chocolate with vitamin B12, you probably don’t need to take vitamin B12 supplements.”

Beverage companies are also participating in health trends. “We’re going to see an explosion in the functional drink category, from drinks containing melatonin-rich ingredients to help you sleep, to stable kombucha and even strong kombucha (which contains alcohol),” says Gorin.


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