Markets & Marches & COVID…OH MY!

Once again, members of the Northern New Jersey Mastermind Group got together virtually to comment on the state of the real estate market. With the New Jersey primed to enter Phase I of the reopening plan – and other states at various stages – plus the current tone of civil unrest in the country, there was a lot of ground to cover.
• Some construction projects are back on track while others are still on hold;
• Multifamily is stable and residential currently has more potential buyers than inventory in marquee NJ towns;
• The state of retail is in question as some chains close, others restructure and malls look at a shifting future;
• Businesses are examining their insurance coverage in the light of prolonged closings or vacant buildings past 90 days or damage due to looting or fire/water damage; higher costs and/or coverage reductions or denials may apply;
• Office redesign, health-conscious environments and virtual working in a post-pandemic world;
• The road to a new normal – how to safely reopen and when?