8A — January 22 - February 18, 2021 — 2021 Forecast — M id A tlantic Real Estate Journal
www.marej.com
2021 F orecast
By Robert Holland, The Kislak Company, Inc. Ref lections, Persistence, Resilience
P r o j e c t i o n requires re- flection, and when I look back at last year’s mes- sage , I am r e m i n d e d t h a t 2 0 2 0 wa s b r im- W
our imaginations. And yet, our enthusiastic and optimistic forecast for 2020 was, in many ways, ac- curate. Because Kislak has successfully weathered the “slings and arrows of outra- geous fortune” for more than a century, and because hall- marks of our team include persistence and resilience, we were ready to successfully re- group, rebound and respond to COVID-19’s many challenges. A very strong first quarter of 2020 was followed by an almost nonexistent second quarter as we all worked to understand
e l c ome t o 2021 and the time for a new year forecast.
health and safety guidelines and implement new ways of safely conducting business while physically distanced. Thankfully, we transitioned quickly to remote operations while still productively and effectively serving our clients. The second half of the year, we were back on track and keep- ing pace with the first quarter, and we ended the year strongly with sales totaling $600 mil- lion. The persistence of our exceptional team in a difficult environment resulted in the sale of more than 4,500 resi- dential units and the sale and
leasing of more than 500,000 s/f of commercial space. Now, we find ourselves beginning a new year still dealing with a continuing pandemic and with a volatile post-election cycle and its as yet unknown ramifications. And once again, we are opti- mistic. We remain a relied-up resource for clients, potential purchasers, and investors, and we are positioned to do what we do best – successfully close deals. Our optimism is based in the knowledge that multifamily real estate continues to be a
highly desirable investment. Collections, occupancy and demand have remained strong despite the pandemic, espe- cially in our primary markets of New Jersey, Pennsylvania, and New York. In fact, with remote operations a reality and necessity for many compa- nies, more and more people are seeking apartment lifestyles in suburban markets. Another plus for multifamily is that historically low inter- est rates are projected to stay relatively low through 2022. Combine this with dramatic stockmarket swings and lower returns on many other types of investment options, and the reliable and comparatively low risk returns of multifamily property are very attractive. In this scenario, sellers benefit from very high prices, and buyers can take advantage of the availability of mortgage money at very attractive inter- est rates to provide more than adequate returns for their investors. Since 1906, Kislak has been serving as its clients’ eyes and ears in the marketplace. We pride ourselves on doing the homework and the research needed to put together deals that serve our buyers, sell- ers, and communities well. At Kislak, we are client-focused, building long-term relation- ships and staying in touch week after week, month after month, year after year. Our talented team of nearly 40 brokers re- mains motivated and available – 24/7 – and our relationships with lenders, mortgage brokers, attorneys, title companies and other key members of the real estate community run deep. We put all of this into the work we do for each and every client, and it pays off in great deals and great relationships that last lifetimes and generations. In the year ahead, we can predict bumps in the road and changes in gear, and we can also predict that Kislak is ready to help its clients navigate whatever comes. Robert Holland is presi- dent of The Kislak Com - pany, Inc. Holland joined Kislak in 1984 and became president in 2012. Consistently, among the leading brokers of apartment buildings in central and east- ern Pennsylvania, Holland is one of Kislak’s all-time leading salespeople with sales totaling more than $3 billion. MAREJ
Robert Holland
ming with bright projections and excitement. Little did we knowwe were about to board a professional and personal pan- demic roller-coaster beyond
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