Coronavirus: Industrial Update

Written by Hayley Smith

March 24, 2020

The spread of COVID-19 has proven challenging for people across the globe–personally, professionally and otherwise. We at ComReal are doing our best to follow all guidelines to help deter the spread of the disease, including working from home and practicing social distancing.

Like many of you, we are observing the situation’s impact on businesses across the state and country in real-time. We are certain that commercial real estate will weather the storm, but while we await a return to normalcy, we wanted to provide you with an overview of the industrial sector in the time of coronavirus.

Most businesses are closed, which means that many lease and listing decisions are on hold. Last week, we had a limited number of showings and saw a significant reduction in inquiries and calls, but things haven’t halted altogether: a food service company just signed a lease for one of our listings.

“It’s difficult for owners, investors, and tenants to make long-term decisions,” said Edison Vasquez, CCIM, of ComReal’s Doral-based Industrial Team. “At the same time, buyers/tenants should stay in touch with brokers and stay alert for any distressed opportunity. Fortunately, unlike a hurricane where communication is limited, we are able to work virtually and continue to service our clients.”

Pending contracts are still moving forward, banks are still open and rates remain attractive. The next 30 days will be crucial, and while it is likely that things could get worse before they get better, we are prepared for it.

“We will make it through this,” Vasquez said.

For more information, view Vasquez’s full video update below. Please stay safe and stay healthy.

 

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