Key Takeaways
• Environmental work has really slowed down, but AKT Peerless has landed a big new client, Colonial Pipeline re: Brownfields project.
• Still no news from the IRS regarding a 120 day extension on 1031 deals for deals in progress before April 1.
• New business has slowed, but starting to see some movement in some areas/sectors of the marketplace.
• Everything still moving forward on self-storage and industrial side; just takes longer to get things done.
• Change is an opportunity. There are winners and losers depending on what business you are in.
• Retail and restaurants are the groups that are hurt the most.
• Casino project is making great progress because of the state’s revenue problem. How can we make it happen faster? It will create new construction jobs, but tax revenues are still a long way off.
• Expect workspace footprint issues with commercial office space. First large sub-lease of 50,000 square feet has gone on the market from Bank of America.
• Companies are finding that work can be done very effectively via videoconferencing. Many companies are planning to continue the current trend of working from home through the end of this year. Third offices will start popping up near where people live, giving options of Main Office in Central Business District; home office; and third office closer to home where you can hold meetings, meet clients, etc.
• Lots of banks are backing away from certain types of deals and closely scrutinizing deals and certain asset classes. Clients are having to change their business models to make things work in the “new normal”.
• And for something on the lighter side, a bar in Maryland has a new idea for social distancing: https://www.travelandleisure.com/food-drink/bars-clubs/bars/social-distance-bar-fish-tales-maryland.