The page has turned on one of the most complicated, volatile and disheartening years in recent history. Families worked hard to maintain their values and moral fabric. Remote learning, hand sanitizer and Zoom calls became societal norms. Businesses diligently pursued creative means to keep their team members employed. Accessorizing with a mask is now commonplace and yet so many unknowns remain. Will businesses survive the continued stress of the pandemic? How will the new president affect the commercial real estate world?
Closer to home, Mylan recently closed its doors and other businesses could not survive the pandemic. Will we see more businesses closing their doors in our community? The Black Diamond team does not have all the answers but we can provide perspective on what we witnessed in 2020 and what we anticipate in 2021. Take it at face value, considering our regional sample size.
In February 2020 (pre-pandemic), we were able to enjoy our annual company reward trip to Aruba. Our work family added a key team member, Kim Licciardi, this summer. We took proactive steps to begin the journey of upgrading our process via new CRM (customer relationship management) system. To top it off, we reached many of our 2020 company goals. In 2020, we served a key role in consummating 64 sale and lease transactions. Of the 64 deals, 23 were sales which represents 36% of our business. We continue to gain positive traction in securing and successfully selling investment (income producing) assets.
We were also successful in other sectors with sale and lease volume in descending order: Office – Investment – Land – Retail – Industrial. 2020 was a challenging but productive year. Certainly 2021 will bring additional challenges, but many positive market opportunities exist. Below is a list of our top 5 commercial real estate predictions for 2021.
A new year provides the opportunity, even if only mentally, for a fresh start, a renewed sense of optimism. Knowing there are only certain things in life we can control, our team is choosing to move forward with a positive, growth mindset. We hope you will enter 2021 in the same way. Make it a great 2021!
Click HERE to view our 2020 Q4 Closed Transactions.
Article written by David Lorenze, Principal.