We were three-quarters through the production of this magazine when the news hit: The World Health Organization was officially declaring the novel coronavirus outbreak a pandemic. As the death toll rose, the stock market tumbled and cities across the country ordered the closure of restaurants, bars, gyms and theaters, a paradigm shift was taking place. The reporting we had gathered and the forecasts our experts made did not line up with this new age of COVID-19.
And so, we got to work (from home). Our reporters investigate how facets of the industry are preparing for the fallout from the virus’ spread. Francisco Alvarado checks in with hoteliers eager to cut costs, reduce staff and offer deep discounts. Deputy web editor Katherine Kallergis reports how the resi brokerages have moved to the virtual space to conduct business, and staffer Mary Diduch investigates how major retail REITs could handle the nationwide closures.
Commercial brokers, too, will no doubt feel the impact of investors anticipating a downturn. In TRD’s ranking of the top commercial agents, we asked those who placed at the top what they see coming in light of such a massive disruption.
Elsewhere in the issue, we investigate a different kind of disruption, looking at how Fort Lauderdale’s home sales have been flowing since several extreme episodes of flooding from December 2019 to February. And for the first time ever, TRD’s research team presents in the print edition, The Deal Sheet — a compendium of commercial transactions since the start of the year.
As we look to the road ahead, I feel confident that South Florida’s real estate community can come together (while staying six feet apart) to weather the drastic changes to daily life. And we’ll be here, online, to keep you informed about all the ways real estate will be impacted as the situation unfolds.
Stay safe and be well.
Enjoy the issue!