Jack liked to smoke. Often. He’d hang out smoking just at the entrance to the office and would greet me with a casual smile and the seasoned look of a battle hardened real estate broker. On normal days, I’d stop, stay hello and then go to my desk.
After the World Trade Center attack in 2001, the world seemed to come to a stop. Everyone stopped and waited to see what was going to happen to the market and overall economy, and seemed equally unwilling to take any risks and get back making money work. People were just proving that the market responds worse to uncertainty that it does bad news.
On a fall day in October, 2001, I pulled into the parking lot and saw Jack smoking on his stoop. I said hello, stopped, and asked what he thought of everything going on and whether the market would pick back up. He paused, smirked, and exhaled answering,
“Of course. That’s what I love about real estate. Someone’s always getting married, divorced, having a baby, getting hired, laid off, or just ready to retire.”
Basically, the world may stop, but time and life don’t. Eventually they catch up and give people a kick in the butt to keep moving.
In the Greater Boston and New England market, the first 6 months felt a lot like the month or two after 9/11. We’re now beginning to see the early stages of activity, which feel a lot like pent up demand to us. Tenant requirements have been flooding in with immediate occupancy requirements; investors coming back to the market looking to generate higher returns than their ING accounts will pay; and sellers going out of business needing to sell fast and hoping to walk with some cash.
What are you seeing? Anything shaking loose?
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About the Author:Jeremy Cyrier, CCIM is a principal with MANSARD Commercial Properties and member of the CCIM Institute faculty. He offers advisory services and brokerage expertise to commercial real estate owners and tenants. You may reach Jeremy at Jeremy@Mansardcre.com.