The FORT Podcast: Chris’ 60-Day COVID-19 Update
On this episode of The FORT, Chris provides a 60-day COVID-19 update where he’ll touch on topics like the reopening of capital markets and the effects we are seeing in the multifamily & industrial sectors. Chris also shares the latest changes and updates happening at Fort Capital such as their property management integration and new software tools built by the team.
00:49 — Capital Markets Opening Back Up
02:10 — New Deals in the Multifamily & Industrial Space
03:36 — Update on the State of Texas
05:35 — Rents & Reliefs
08:14 — Industrial Sector in Texas
09:04 — The Fort Capital Portfolio & the Rush to Texas From the Coasts
10:55 — Multifamily & Industrial Collections
12:05 — Construction is Still Booming
13:41 — ‘Work From Home’ Becoming the New Future
15:57 — Fort Capital’s Buying Plan
18:00 — What Fort Capital Has Done the Last 30 Days Operationally
19:28 — CORE in Fort Capital’s Culture
21:08 — Construction Costs & Predictions for Oil & Gas
22:12 — Fort Capital Property Management
23:38 — Fort Capital’s Use of the FOS Platform
26:41 — Go Watch ‘The Last Dance’ on ESPN
As businesses worldwide grappled with unprecedented challenges, Powers recounts the trials, tribulations, and lessons from those initial 60 days.
As the pandemic unfurled, the primary concern was unequivocally the safety of teams and tenants. Rapid transitions, from shuttering offices to embracing remote work, became the norm. But beyond the logistical challenges, the real struggle lay in managing the looming uncertainty that clouded every decision.
The economic ramifications were swift and brutal. Businesses, in a bid to stay afloat, slashed costs and shelved non-essential expenses. Forecasting revenue became akin to shooting in the dark, with the future landscape looking increasingly murky. Commercial real estate, particularly office spaces, faced the brunt as remote work surged, and brick-and-mortar demand plummeted. Lease agreements underwent revisions, with deferments and adjustments becoming commonplace.
Transparent dialogues with stakeholders, from investors to tenants, became imperative. Keeping all parties informed, aligned, and, most importantly, reassured was pivotal in those early days.
Adversity, as they say, is the mother of invention. The pandemic forced businesses to pivot, sometimes overhauling models overnight. While retail spaces saw a lull, industrial real estate sectors buzzed, courtesy of e-commerce’s meteoric rise. The key was to remain agile, responsive, and open to evolution.
Governmental stimuli provided a semblance of relief. Yet, while they cushioned the immediate blow, concerns about the long-term economic fallout persisted. Would these be mere stop-gap arrangements, or would they have ramifications that echo for years?
The pandemic wasn’t just a financial crisis; it was an emotional one too. Mental resilience and a positive outlook, though challenging to maintain, became essential. The importance of community and a robust support network came to the fore, reminding everyone that in unity lay strength.
Speculations are rife about the lasting impacts of COVID-19 on real estate. Might there be a seismic shift in how spaces are conceptualized? With flexibility at the heart of future designs, a blend of remote and in-office work could very well redefine the industry.
If there’s one resounding lesson from the pandemic, it’s the need for preparedness. Contingency plans, once mere formalities, now stand as business lifelines. Moreover, the embrace of technology and digital transformation isn’t just recommended; it’s indispensable.