Key Take Aways
• Texas has entered “Phase 2” of re-opening. Some offices have already reopened with fewer employees or they are beginning to implement a plan to alternate days.
• The Texas Workforce Commission (TWC) has been very difficult to work with and now they have a recording that says “we can’t take your calls so please submit your questions online.”
• Deals are still happening, just not as many.
• Unless the reason is compelling, equity sources and developers are tentative at moving forward on new opportunities.
• Design and Construction companies are still at pre pandemic revenue but concerned about burning through backlogs.
• Without new project starts, design and construction companies could be at 50% volume by August.
• Due to tax revenue challenges, some municipalities are making entitlement concessions a little easier.
• Many people are still reluctant to travel by plane, hoping by late July things are safer and back to some sort of “normal.”