By Dave Duncan, Scanell Properties
Commercial real estate has seen its fair share of disruptive events in recent history. In my relatively short 15-year career as an attorney practicing in various areas of commercial real estate, I have been witness to the events of 9/11 (during law school), the Great Recession, and the COVID-19 global pandemic. Before that, the dot-com bust of the late '90s was a defining event that influenced my decision to attend law school. I can distinctly remember coming out of each these events and hearing mentors say something to the effect of, "if you can survive this you can survive anything because we just witnessed a once in a life-time event."
To now have TWO once in a life time events in a 10-year span seems rather daunting. However, as real estate practitioner, it is important to remember the one commonality shared among all of the events referenced above is that commercial real estate always adapts and recovers. It can be a challenge in times like these to find an appropriate perspective, and the one thing I am certain of is that I am not the smartest person in the room when it comes to this issue. Luckily, the Internet is full of resources for consideration. Here are a few recent articles I've read to try and understand where things are going from here:
Experts Speak: COVID-19’s Impact on Commercial Real Estate
The Effect of COVID-19 on Industrial Real Estate
COVID-19 Implications for Commercial Real Estate
Student Housing In The COVID-19 Pandemic Era: School's Out, But For How Long?
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