Philadelphia October 2020 – Key Takeaways
- Many segments of the real estate industry are holding steady or increasing in activity, especially those relating to larger multi-family projects. There has also been some increased activity with rebuilds, shovel-ready projects that had been put on pause and in health and science related projects.
- Companies are looking for ways to reinvent certain aspects of their business in order to adjust to changing dynamics in the market.
- Many sections of the industry are still paused or very slow, including retail and the international market, and the spread between buyers and sellers remains wide.
- The office market has been hit hard, with many companies delaying new office leases. Many medium-sized firms are looking to shrink and the biggest pre-Covid explosion had been in the tech industry, and that has slowed to a stop.
- Many companies are adding more in-office employees, though still operating at reduced capacity with many employees working in staggered shifts. There are concerns over how the length of the crisis is affecting employees.
- New projects are coming around slowly, including a large new project for Kelly Maiello Architects with the water department.
- There has been a greater interest in diversity and inclusion.
- Member Robert Bright has been selected to a 2-year board position with the American Public Transportation Association.
- The USMCA replaced NAFTA in July as the trade agreement between Mexico, Canada and the United States with some much needed updates.
- Trade within North America has a direct impact on everyday Americans, with many American jobs still playing a significant role in products produced in Canada and Mexico.
- Because supply chains are essential, transportation across the border has continued during Covid, but the lack of non-essential travel has hurt border towns. They’re hoping to open the borders for business travelers.
- Covid has highlighted a need to consider emergency supply chain continuity.
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