Key Takeaways
• Good results have been seen on rent relief, when taking action.
• New deals are still slow, people have hit “pause”. Some deals that were dead earlier in the year, are re-surfacing.
• Investors have money and are looking for deals/sites, but there’s still some reluctance and uncertainty from property owners.
• Leasing is still slow. There’s a trend for lease deals to stall near the end of the deal, because people think they can find something better.
• Townhomes and single family still seem to be going strong. The industrial side of the business also seems to be steady.
• 1031 work is going strong; June was a record month. Deals starting picking up in late May and have continued.
• Self-storage is going strong; no slow down at all. Buyers are making offers; it’s a strong asset.
• There’s a gap between what buyers think a deal is worth v. what the seller thinks the property is worth.
• Within three-four years, there will be millions of square feet of retail space on the market as retailers continue to file bankruptcy.
• Something new: Stephanie hired a new associate starting in August completely remotely via Zoom (interviews, reference checks, etc.).
• Tim Knight purchased a license for Artificial Intelligence software that tracks cell phone location services. Software allows them to validate retail data: top Walmart, Chick-fil-a, etc. in the state.
• Some Insurance companies will not be writing policies in Fulton County any time soon due to the civil unrest.
• Regulators are giving higher scrutiny to the following industries: hospitality, senior living, and retail (particularly restaurants).
• Something to watch: construction loans. There’s been a real slow down of construction loan closing since early March.