Even in today’s wild and whacky world, we have plenty to be thankful for here at the Zehner Davenport Industrial Group.
So far, our entire team has dodged the virus and we have managed to keep our services up and running remotely. In large part, we have Voit to thank for that, as the company committed to keeping all of our administrative support staff employed full time throughout the pandemic crisis.
From a business perspective, we are amazed at the resilience of our clients in the face of unprecedented difficulties that the virus mitigation protocols have imposed. So many of you have just plowed through this crisis by adapting, innovating and creating new ways to get things done. Simply amazing. Kudos to all of you for your perseverance. Please know that we are fully prepared to assist you in any way possible to keep your business on the right track. The coronavirus has changed your business one way or the other to some degree, and that may precipitate a change in your real estate strategy going forward. That’s where can help. Just give us a call.
To be sure, all of us who use, own or work with commercial real estate should be thankful for the defeat of Proposition 15, the split-roll property tax initiative that would have upended the commercial real estate market statewide. We must admit that we were quite worried about its passage, but the voters decided to see it for what it was, another massive tax hike that would have lowered property values, raised rents and consumer prices for goods and services across the board. We don’t know if proponents of the measure will try again in the future, but our 42-year-old property tax laws are safe for the moment.
Looking near term, we believe the market will continue on its present course; limited supply and high demand. That should keep prices moving higher, if not at the same pace as the past few years. Interest rates should remain near historic lows, as the Fed has made clear its intention to keep the cost of capital low to facilitate an economic recovery. Several vaccines are in the works and the results of late stage testing has been phenomenal. It could only be a matter of weeks until one or more of them will be approved for distribution.
From all of us at the Zehner Davenport Industrial Group, Happy Thanksgiving. Make it a day of thanks for you and yours even if you have to tell the cook that the turkey looks like it tastes good over a Zoom call.