With the shift to more remote work arrangements, many commercial landlords are facing empty spaces. As reported in Forbes, “There has never been so much vacant office space. In the first quarter of 2023, the average U.S. office vacancy rate was 18.6%, 5.9 percentage points higher than the last quarter of 2019, according to Cushman & Wakefield.” Yet, Alignable’s May Small Business Report found that SMEs are facing rent spikes, with 54% saying their rent is higher now than 6 months ago. And 37% of small business owners said they couldn’t pay their rent on time. So what’s going on? What happened to the concept of supply and demand? #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.