2020 in Review: Landmark Year of Change
TCG Team – 2020 in Review
2020 has been a landmark year of change. Global CRE volume declined 36% and US Retail and Office prices declined 4.1% and 0.5%. But with progress and advancements happening every day, there looks to be a bright path forward to reopen and do remarkable business in 2021. 85.7% of companies plan to return to the office and industrial property index rose 7.4%. In this addition to the Trinity Blog, we asked our brokers and advisors three key questions on dealing with the impact of Covid, what we have learned from it, and what we have to look forward to.
- How has this year impacted your commercial real estate business?
- I would say my commercial real estate business benefited from this year more than it hurt. Due to the massive influx of people migrating to Florida, we really did not see a draw back in terms of business volume from last year to this year; in fact, our tenant rep portfolio only grew this year. I know 2020 was a very hard year for everyone, but I’ve learned a lot and I’m now looking forward to what 2021 has in store. – Ty Hensley
- As someone who is still laying their foundation in the business, I found it to be an incredible opportunity to learn and grow. Years like 2020 don’t happen often (at least we hope) so watching tenants, landlords, developers, investors and lenders adapt to the constantly changing economic environment was truly a blessing in disguise. – Sam Dalton
- Substantial delays in several projects, lost a couple deals and working to rebuild the deal pipeline. As of right now 2020 will look to be close to flat but 2021 is looking amazing. – Dan O’Berski
- What have you learned this year?
- Hard work and good real estate is still of best value. – Dan O’Berski
- To be aware of pandemic clause’s for potential tenants and asking landlords to be sympathetic to tenant needs if possible. – Kim Daugherty
- Building relationships is imperative and continued growth/learning will assist in future success. – Jill Brunori
- What is your outlook on 2021?
- I anticipate 2021 being the best year I have seen in the last 15 years! – Dan O’Berski
- My outlook for 2021 is one of cautious optimism. The optimism comes from all the deals we’ve tee’ d up going into the New Year; however, I want to stay levelheaded and realistic that some if not all of those deals could still end up falling apart if we see a huge issue with the market or even another lock down from COVID. Overall, I’m excited to see what 2021 will bring and ready to take it head on no matter what it is. – Ty Hensley