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2A — July 24 - August 13, 2020 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist..... .................................Karen Vachon Contributing Columnist .......Robin Zellers, CRE, NAI CIR; Christina Martin and Shaun Comer, Edge Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 32, Issue 14 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929

Robin Zellers, CRE

Top Ten Issues Affecting Real Estate

L EMOYNE, PA — Robin Zellers, SIOR, FRICS, CRE , and president of NAI CIR , shared the current and emerging issues expected to have the most significant impact on real estate in 2020 and 2021, as identified by The Counselors of Real Es- tate . The COVID-19 pandemic ranked as the leading concern of the 1,000-member organiza- tion. “The change wrought by the COVID-19 crisis and its aftermath will teach us about priorities, resilience, and de- mand in ways that we did not dare test before,” said Zellers, a Counselor of Real Estate. “The 2020-21 Top Ten Issues are highly interrelated and are an attempt to overlay this new world onto an already chang- ing real estate environment. In examining real estate markets, we must consider existing fra- gility, adaptability to new de- mands, and potential relevance to new markets. Demand will be defined by the extent to

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which this crisis leads us to abandon old habits and adopt new ones. The duration of the lockdown has been a factor, and so is the confidence with which we emerge.” Economic renewal ranked second on The Counselors’ list, with the U.S. economy showing signs of decline prior to the CO- VID-19 pandemic. “There were a number of statistical signals of deceleration for those willing to see them,” said Zellers. “The challenges facing the economy and the real estate industry are deep and persistent, with leisure and hospitality, retail, construction, and air travel see- ing slow and partial rebounds into 2022.“ The Counselors cite

that the impact of the economic lockdown on state and local tax revenues could reduce non-fed- eral government employment levels and shelve important in- frastructure projects, with such risks suggesting an unusual “W-shaped” recession. “The post-COVID-19 econ- omy will be constrained by long-run potential GDP growth of only 1.5 – 1.6%. That is the ‘new normal’ for which we need to prepare,” added Zellers. Capital market risk rounded out the top three issues of con- cern for The Counselors, as the last four months have present- ed not only real time volatility of the capital markets, but also continued on page 20A

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