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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.

Housing

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.

Office

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.

Retail

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.

Denial

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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Japan is taking steps to curb the illegal auto trade in Pakistan | Instant News



ISLAMABAD: The Japanese government has acted to crack down on imported car licenses with fake and fake documents in Pakistan, he said on Thursday.

The Pakistani Embassy in Tokyo, in a statement, said it would take all legal action both in Pakistan and Japan to address the matter under applicable law and to reduce any possible inconveniences that legal trade may cause.

Pakistani Customs in Karachi recently uncovered fraud related to used vehicle permits on the basis of fake / fake documents and in response to increased agitation among the Pakistani business community in Japan.

“On 24 December 2020, the Trade and Investment Advisor (TIC) reported to the relevant authorities in Pakistan – Karachi Head of Customs Collector (Assessment), Federal Revenue Council and Ministry of Commerce, submission of false / fake documents for vehicle permits in Karachi with seal / stamp fake embassy and fake signature from TIC, “said the Indonesian Embassy.

“As a result of the investigation carried out by FBR / Customs into this incident report, additional fraud cases have also been discovered by the authorities where legal action has been initiated by Pakistani Customs in Karachi in the form of an FIR against a customs clearing agent. involved.”

Japan is a major source of used car imports to Pakistan. Cars are imported in Pakistan under baggage rules or a reward scheme as commercial imports are not allowed.

However, the government has weak systems in place to ensure that resettlement policies and gift and baggage schemes are not abused.

In Japan, the Trade and Investment Department has reported the matter to the relevant authorities for further verification and investigation.

“While intimidating the customs authorities in time to avoid the wrong permits of vehicles fraudulently on the basis of false / false documents, the mission has proposed reviewing a used vehicle import scheme in Pakistan and automating the vehicle permit process as a module. from WEBOC [web-based one customs) to avoid such exploitation and frauds in future,” said the embassy.

“In order to support and facilitate legitimate commercial activity, Trade and Investment Section has been processing all valid cases submitted by overseas Pakistanis living in Japan in routine without any delays and the Embassy will continue to support efficient clearance on the ports.”

The customs authorities in Karachi have assured the Embassy of smooth clearance of genuine cases of import of used vehicles in Pakistan.

In case of any issue faced in this regard by any Pakistani living in Japan, Trade and Investment Section may be contacted at [email protected] for help.

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Brazilian San Antonio Fogo de Chao steakhouse will be offering a $ 35 dinner through January | Instant News


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Churrascaria Brasil Fogo de Chao is discounting his Fogo Churrasco Experience dinner during San Antonio Restaurant Week, lowering the price to a cool $ 35 per person for endless grilled meat table-side service, mySA report.

Restaurants usually charge $ 54.95 for meat parties.

The meal includes table-side service with ten meat options – such as sirloin and meat-wrapped steak – choices from feijoada bars, side dishes and desserts. Those with expensive tastes take note: beef ribs, ribeye, filet mignon and lamb chops are not included in the Restaurant Weeks offer.

Sunday Restaurant is a biennial event organized by non-profit Culinaria that focuses on restaurants. The month-long event – extended from its original two-week iteration to help with COVID-19 business concerns – highlights the San Antonio dining venue with a multi-course prix fixe menu for lunch and dinner

Fogo de Chao, located at 849 E. Commerce St., inside the Shop on Rivercenter, will be offering deals from January 2-31.

So many restaurants, so little time. Find out the latest San Antonio dining news with us Flavor Friday Newsletter.

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Steady Mansoor took the lead while National Golf was in progress | Instant News


KARACHI: Mansoor Teli from Karachi took a three-shot lead on the opening day of the 60th National Amateur Golf Championship and in the process puts Sindh A on track to win a rare Inter-Association Trophy here at Karachi Golf Club on Thursday.

Mansoor, a very experienced KGC golfer, took full advantage of the familiar conditions to finish with an impressive 73 rounds in extremely windy conditions. Together with Saim Shazli (76) and Omar Khalid (77), Mansoor gave Sindh A a six-shot lead in the two-day Inter-Association Golf Championship that coincided with the National Amateurs.

In second place together are the Saim and Punjab trio Ralfay Raja and Ahmed Kayani at 76.They are followed by Omar Khalid, Abdullah Arif, Qasim Ali Khan and Saeed Khattak at 77.

With strong winds blowing all day, conditions were quite challenging for the participating golfers on the opening day of this prestigious championship. Apart from strong winds, the green fields on the Red and Blue fields were also a big challenge for the participants.

Meanwhile, Sindh A has catapulted herself into a strong position to claim the Inter-Association Trophy. Together, the trio Mansoor, Saim and Omar have 226 points. They have a six-shot advantage against second-placed Punjab B (232). Punjab B includes Ahmed Sultan, Ralfay Raja and Damil Ataullah. In third place was Sindh B followed by Punjab A, Federal and KP teams.

The second round of the 72 holes amateur event will continue on Friday (today). The senior and women’s events will start on Friday.

The following are the amateur leader boards after the first half:

73: Mansoor Teli

76: Saim Shazli, Ralfay Raja, Ahmed Kayani

77: Omar Khalid, Abdullah Arif, Qasim Ali Khan, Saeed Khattak.

78: Omer Shikoh, Yashal Shah, Junaid Irfan, Umer Khokhar, Nadir Khan, Brig Omer Ijaz, Salman Jahangir

79: MA Mannan, Akbar Qayyum, Muslim Abbas, Noman Asghar, Hamza Shikoh.

80: Abdullah Adil, Abdul Moez, Damil Ataullah, Danyal Khan, Zia Hai, Salman Khan.

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Restaurant Rundown: Pandemic plays a role in nearly every 2020 food service trend in San Antonio | Instant News


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  • Instagram / bestqualitydaughter

As always, restaurants come and go, chefs go (and come back) and the concept is getting steam and failing in San Antonio this year.

However, no one in the foodservice industry is quite prepared for a global pandemic, which is a factor in nearly every food trend we see in 2020.

Here’s a rundown of the big changes that have hit Alamo City restaurants this year.

1. Eat socially and sustainably
As COVID-19 disrupts supply chains, especially meat supply, some local farmers and ranchers are experiencing increased sales as more consumers turn to them to meet their needs. “At the start of the pandemic, our farmers were selling more meat than ever before, as restaurants closed and meat shortages started,” said chef and butcher Joe Saenz. After its Swine House Bodega closed amid the pandemic, Saenz launched the Swine House Butcher Series, an online butcher shop that allows customers to purchase specialty meat that is raised locally. “If any good can come out this year, I hope for the survival of the farmers who make huge sacrifices for the sustainable maintenance of these animals.”

2. Food service workers who rely on their talents
While bars and restaurants are closed by state and local mandates, food service workers are turning to their other talents to make ends meet. In August, for example, bar industry veteran Ana Cabrera launched Suck It Up SA, a business that sells cocktail paraphernalia for anything but liquor that lets people sip craft cocktails from the comfort of home. Since its launch, Cabrera has grown into a specialty juice mix and baked cookies.

3. Make use of technology
Online ordering – especially mobile ordering – was already developing before the pandemic, but surged to new levels this year as customers searched for safer ways to eat during the COVID crisis. Back in March, Mike Nguyen – the tech-inclined chef and owner of the Northwest San Antonio Noodle Tree – offered to help other local restaurants prepare menus via QR code technology, which is widely underutilized in the food scene. Other restaurants are integrating more online ordering capabilities into their websites.

4. The bar does sidewalk, takeout and delivery
Restaurants were already adjusting to the appeal of take-home and delivery before the pandemic began to develop, but local bar owners were finally allowed to accept the option after Governor Greg Abbott approved alcohol to be consumed earlier in the pandemic. Jessica Marinez and Amber Hernandez – co-owners of Picks Bar on the North side of town and the St Mary’s Strip The Amp Room venue – took orders quietly, launching two cocktail delivery buses to meet demand. This renovated vehicle has a bar, solar panels and an aggressive sound and lighting system with karaoke capabilities. “We are very grateful that we were able to adapt like this and do something new,” said Hernandez.

5. Non-alcoholic drinks
Increasingly focused on mental and physical health, many consumers have joined the free-spirited movement this year and have stopped drinking. Although the term “dry stalk” is nothing new, the City of Alamo is welcoming the first of its kind this year, thanks to brothers Rogelio and Michael Sanchez. The new venture, HASH – short for Heal and Spread Healing – focuses on conscious and healthy choices such as CBD-infused mocktails, faux brews, teas, coffee, and vegan food. Other SA beverage manufacturers are also expanding their alcohol-free offerings.

6. Instagrammable aesthetics
This year brings many aesthetically pleasing restaurants to Alamo City. Among the most notable are the new Asian-American restaurant, Best Quality Daughter – featuring gorgeous SA-centric wallpapers – and Tony’s Siesta, a revival of the old downtown bar area now given an extra dose of hip by neon pink signs. Frida, an upscale Mexican restaurant that opened in June, even has a purple bar that exudes a sexy vibe and a custom-made cobalt blue grand piano located in its dining room.

7. Ghost kitchen
The San Antonio ghost kitchen game is on the rise this year as more people choose to eat at home. As a result, the demand for food delivery applications is growing exponentially – along with the need for certified and inspected commercial kitchen spaces where chefs can operate without a storefront. “I have spoken with my brothers and sisters about opening pre-pandemic food stalls to be set up in front of the bar,” said Ben Cardenas, owner of Tidy Ben’s, the vegan outfit Joe sloppy. “The ghost kitchen lets us get our product out there without the overhead of bricks and mortar or bonding to specific areas.”

8. Self-serve and prepared meals
As dining space becomes limited and customers are looking for ways to enjoy meals prepared by in-house chefs, local businesses are increasing their ready-to-eat options. For smaller operations, restaurants have to fight capacity-limiting mandates that force dining rooms to empty. The Magpie and The Farmer’s Butcher, both located on the East Side of Hackberry Market, for example, have both started offering packed lunches and ready-to-eat meals.

9. Culinary mashup
Even though we have been warned against hanging out with friends and family over the past nine months, culinary directions are sure to have converged at new restaurants across Alamo City. Esquire Tavern’s mix of Chilean, Argentinian and Texas culinary touches, for example, demonstrates the local chef’s desire to offer thoughtful mashups that introduce foodies to new, yet somehow familiar, flavors. Esquire spin on a pulled pork sandwich braised expected pork rump with ancho chilli, topped with sumac slaw and sour barbecue sauce, and served on local toasted bread.


10. Resilience of food service workers

Servers expose themselves daily to potential COVID-19 infections for around $ 5 per hour, dealing with irritable guests, changing rules and reducing tips. If ever any group is conditioned to work in a stress cooker, it is the restaurant and bar staff. Even when a pandemic wreaks havoc on their industry, they will clean themselves up, down their whiskey and go about each day in peace. The SA foodservice community is many things. Producing is not one of them.

So many restaurants, so little time. Find out the latest San Antonio dining news with us Flavor Friday Newsletter.

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