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MAGNY Webinar - Will the structural shifts in the commercial real estate market catalyzed by COVID-19 permanently impact municipal tax revenues?
Wednesday, February 16, 2022, 12:00 PM - 1:00 PM EDT
Category: Events


Zoom Webinar

Wednesday, February 16, 2022

TOPIC: Will the structural shifts in the commercial real estate market catalyzed by COVID-19 permanently impact municipal tax revenues?

Zoom Webinar

Date: Wednesday, February 16, 2022 at noon ET
Note: This webinar will NOT be recorded.


Commercial real estate (CRE) provides an essential foundation for tax revenue generation. Moreover, as an economic base of commerce, industry, and entertainment, it serves to concentrate consumers, colleagues, and intellectuals to optimize growth and innovation. However, that same utility is an Achilles heel during times of plague, as limiting access to infrastructure that draws large numbers of people together is necessary to slow the spread of pathogens like COVID-19.

Predicting the long term financial impact on municipalities and industries has been particularly challenging with COVID-19, as it is the first global pandemic to occur during the age of the internet, where for the first time in history a large segment of workers were able to effectively perform their functions remotely from the safety of their home and almost every type of purchase could be made online without stepping into a store. This decentralization of workers and consumers has already had a profoundly negative impact on hospitality, small businesses, and brick and mortar retail that has been slow to recover regardless of geography. The new dynamic could drive significant changes in the essential revenue streams that commercial properties provide to state and local governments if just some of these tactical behaviors become permanent.

The pandemic will likely drive some permanent changes in the US commercial real estate landscape that will have positive financial implications for certain municipalities, while lowering revenue for others. How is the current state of the CRE market impacting real estate tax assessments and collections? Which COVID-19 related impacts to the CRE market are temporary and which are more likely to be permanent? Which geographies are the early beneficiaries of the changes in the CRE market post-COVID-19?


Gay (Scholastica) Cororaton, Senior Economist, National Association of Realtors

Ms. Cororaton is a Senior Economist and the Director of Housing & Commercial Research with the Research Group of the National Association of REALTORS®. She manages the production of NAR’s proprietary housing, commercial, and international statistics, surveys, and research. Her research focuses on the effect of economic, demographic, and industry conditions on the current trends and outlook in the residential and commercial property markets.

Manish Rajguru, Commercial Mortgage Backed Securities Portfolio Manager, OFS Capital Management

Mr. Rajguru is a Director of OFS Capital Management, LLC, and is responsible for Commercial Backed Securities (CMBS) and Commercial Real Estate (CRE) liquid credit investing of the Structured Credit Group.  Mr. Rajguru has more than 20 years of experience in the credit industry. Prior to joining OFS Capital Management in 2020, Mr. Rajguru held positions at Lord Abbett as a Portfolio Manager for the firm’s taxable fixed-income strategies; a CMBS Portfolio Manager at Guggenheim Partners Investment Management; Head of Commercial Real Estate Valuations at Houlihan Lokey/Red Pine Advisors; a CMBS Portfolio Manager at UBS; a CMBS Research Analyst at Credit Suisse; and earlier in his career worked on CMBS Securitization/Surveillance groups at Lehman Brothers. Mr. Rajguru earned a Bachelor of Science in finance from Northeastern University and a Master of Business Administration in finance from New York University’s Leonard N. Stern School of Business. From October 2015 until May 2020 Mr. Rajguru was the Chair of the CMBS Council of the Association of Institutional Investors.

George Sweeting, Acting Director, NYC Independent Budget Office
Mr. Sweeting is NYC Independent Budget Office’s (IBO) acting director and supervises our research, analysis, and projections. He joined IBO in August 1996, its first year of operations, as a senior economist covering the real property tax. Prior to IBO, George worked for 10 years at the city’s Department of Finance in the Office of Tax Policy analyzing the city’s income taxes (business and personal), and later, the Property Division, where he was responsible for policy analysis and quality control of the real property tax. He also served on the staff of the 1987 New York City Tax Study Commission and the 1993 Real Property Tax Reform Commission. George is a one-time hockey player and life-long fan of the New York Rangers. He received both his Ph.D. in economic history and B.A. from Columbia University.


Chris Fenske, Head of Capital Markets Research – Global Markets Group, IHS Markit.

NOTE: This event is CLOSED to the press and will NOT be recorded.


FREE for members of MAGNY and NFMA; $60 for non-NFMA members

Registration: Click here to register

Questions? Contact [email protected]

Contact: [email protected]