The deserted sidewalks and continuous rows of boarded-window establishments along both sides of the street create a stark, unprecedented and surreal scene as I drive along 6th Street in Downtown Austin.
Though this is a temporary situation, it’s not one from which we will effortlessly rebound. I’m forced to reflect on how we’ll redefine development as usual to make us more adaptable and resilient in the face of economic disaster.
It’s serious. The deepening economic impact of the coronavirus pandemic is felt worldwide. But it’s not just the economic effects of the pandemic that will force new ways of doing business in the real estate development and investment sector; social change is apparent and inevitable. It is pushing us to learn to cope with and embrace a new professional and personal landscape.
Despite the chaos that’s taking hold in the broader market, investors and developers can apply brave but smart strategies to keep their projects going and assets producing.
If you watch or read the news with any frequency, you’ll likely conclude that the situation is less than favorable (a better word choice than “grim,” given our collective morale).
The economic KPIs are dynamic at this point. Indeed, we’ve already reached record levels of