NYC real estate view on impact of Covid-19: preliminary PincusCo survey results

PincusCo Media will be conducting surveys on the attitude of New York City real estate professionals toward the Covid-19 crisis. This is in part to discover effective strategies to continue business operations during the disruption, as well as to get a sense from individuals when they think the crisis might abate.

This survey is still active. Please participate here.

The initial survey was sent out Sunday to PincusCo readers and the responses below are from preliminary results. The final results will be reported tomorrow morning. These and the final results are not scientific polls, instead they are  voluntary, self-selective surveys.

Here are the preliminary results for three of the 11 questions:

When do you think the sector will return to “normal”? 50 percent said six months, and 24 percent said 12 months and 2 percent said in just one month.
When will NYC tenants begin to ask for rent relief? 86 percent of respondents said tenants have already begun asking for rent relief.
What form will the bulk of the rent relief take? The bulk of the respondents believed the relief would come in the form of a rent reduction, totaling 41 percent, while 28 percent expected it would be restructuring and 24 percent an abatement.