Key Take-Aways
• Rates are low and deals are still happening.
• Credit card spending had been recovering but has now stalled with the resurgence of the virus.
• Fiscal support that has ended and not replaced will provide a better picture of how the economy will recover.
• Manufacturing still a strong market in industrial and warehousing work across the country.
• Mission critical work is very busy with activity as everyone is trying to ramp up capacity.
• Subcontractors are sensing a slow-down, time will tell if that will offer better pricing.
• Industrial work continues to be all hands-on deck – crushing it!
• Office and medical office are looking for creative solutions for their occupancy needs, reconfiguring their spaces.
• Investor interest is still strong – seeing a demand in appetite for multi-family.
• Necessity based retailers are doing well along with discount retailers, drive-thru restaurants, and anything outdoors – bikes, boats, etc.
• As people are preparing their budgets a new line item has been added for cleaning and disinfection.
• City of Norfolk started Open Norfolk in response to the pandemic to adapt to outdoor dining, move people outside, change street patterns and readapt curb space to accommodate and support as many small businesses as possible.
• City of Norfolk’s received a lot of federal money and those funds are coming down to the state and locality. The City is providing CORE grants to small businesses as quickly as possible.
• City of Norfolk is continuing to move forward with Military Circle to rebrand the area, change the look and feel and make this the commercial core of the City focusing on wellness, community and elevate the human experience.
• Plans for a Resort Casino continue to be a priority, pending the November vote. Would like this to be a place where people want to travel to bring additional revenue to the Norfolk area. Intent is to create a resort with 3 – 5 restaurants, spa, hotel and extend waterfront promenade property.