Commercial Real Estate During Covid-19
As we watch conversation threads unfold online, and in groups regarding the current pandemic, we are reminded how essential it is that each of us grasps the gravity of the responsibility we have as leaders to guide people well during these uncertain and turbulent times. No matter how well-intended, our opinions, assumptions or our “interpretations” of many of the topics being discussed today can breed misinformation and erroneous guidance.
It is paramount that, to the best of our ability we share facts and verified data, legitimate resources, and both seek and recommend legal counsel. Within the commercial real estate industry, the future values of clients’ properties will be impacted by the decisions they make today. The pandemic is creating situations that require very difficult decisions, and it is our job as trusted advisors to guide clients, to make educated decisions.
Regardless of the line of business, you are in, teams and clients/customers look to those in leadership positions to lead them thoughtfully and honestly. There is a great quote “The quality of my decision is directly proportionate to my patience with my not knowing.” -Unknown. Whoever this unknown sage is, couldn’t be more correct. We have to slow down long enough to examine the recommendations being made and the potential impact they are going to have on our circumstances going forward, not three months from now, but three, five, or ten years from now. This is the long game. We must treat every decision like it matters because it does.
As we adapt to challenging times together, we are called on to give good, sound and informed guidance to those who count on us. As a commercial real estate brokerage and property management company we are now called to help property owners navigate the overwhelming number of relief requests they are receiving from tenants. We are here to assist them in looking at the benefits and differences between rent deferrals and rent abatements, for example, so we must do our best to educate ourselves as this situation unfolds. There are similar examples for every industry in which we serve as advisors to others.
We are in this together, the entire human race. This epidemic is no respecter of race, border, or class. It is not an economic issue; it is a human issue that is impacting our economies and the entire way of life. At this time, we have a great opportunity to rise to the occasion of being leaders, of being the example of the human spirit’s capacity to care for one another as we all learn how to move our lives and our businesses forward through this life-changing time. We must rise to the occasion.