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Jax Daily Record Wednesday, Mar. 25, 202003:46 PM EST

NAIOP calls for government relief for commercial real estate industry

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The real estate association asks Gov. Ron DeSantis and the Legislature for help to overcome an “insurmountable strain.”

NAIOP Commercial Real Estate Development Association of Florida is calling on Gov. Ron DeSantis to address its industry concerns.

The group’s chapters from across the state, including in Northeast Florida, signed a letter to DeSantis asking for commercial rent relief, to stabilize liquidity in commercial lending markets and provide relief on commercial loans.

The letter says commercial real estate employs 161,000 statewide and the industry contributes more than $1 trillion annually to the U.S. gross domestic product.

It argues that closures of offices, retailers, restaurants, gyms and hotels all affect the industry’s moneymaking ability, and asks for government relief to overcome the “insurmountable strain on our embers.”

“In the most immediate term, we believe that the Florida legislature should include commercial rent coverage consideration for small and medium-size businesses as a part of any stimulus package,” it reads. “If tenants can pay rent, it will lessen the blow across CRE sectors.”

It also asks the construction industry to be considered an essential business, if a shelter-in-place order is necessary. 

“If allowed to sputter to halt, this would lead to the loss of a critical workforce and a cascade of other detrimental effects on commercial real estate, its tenants, lenders and professional service providers,” it says. 

The letter is signed by NAIOP Florida President Darcie Lunsford. The full letter is here.

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