FOR AS LONG AS I CAN REMEMBER,GlobeSt. Real Estate Forum has devoted itsNovember/December issue to the upcomingyear. Out of all those issues, never has therebeen such a profound feeling of relief that a yearwas ending as there is with this one. Good riddance 2020 and hello 2021.
The world will not magically recover from the ravages of the pandemic at thestroke of midnight on Dec. 31. But there is plenty of reason to hope that 2021 willbe better. At least two vaccine makers have reported initial findings of being 90% ormore effective. These initial tests have surpassed the cautious hopes of infectiousdisease specialists earlier this year, who would have been satisfied with a COVID- 19vaccine that was 60% effective. It is expected that the vaccine or vaccines will havebeen widely distributed by the middle to the end of 2021. When Covid- 19 is finallyunder control, it is expected that the economy will make a recovery.
One missing piece, at least as of this writing, is another stimulus package.At the moment the House of Representatives and the Senate appear to be farapart on their respective targets for such a package. That is unfortunate as mostprojections for a recovery in 2021 include help from the federal government.
But even with government relief, the year ahead will still be difficult for someasset classes, such as retail and hotels. Other sectors, such as multifamily, canexpect some recovery in their fundamentals. There are also long-term trends toconsider beyond just an economy that starts to hum again. For instance, willworkers return to their offices as before or has the work from home movementbecome entrenched? Opinions on this range across the board. JLL, for instance,believes that hybrid work is the new normal and now a preferred way of working. It says that the crisis has driven employees to rethink their priorities andgiven them a renewed focus on quality of life, human interaction and personalvalues–requiring employers to adapt to these evolving needs and demands toattract and retain future talent. One stat to back this claim: a JLL survey findsthat work-life balance (72%) has overtaken securing a comfortable salary (69%)in terms of importance post pandemic.
To remain competitive in the coming year, we maintain in our cover story onpage 10 that the industry will have to stay alert as trends like these accelerateand jump on the opportunities as they arise. These opportunities will be found insome unexpected places in the midst of, unfortunately, plenty of remaining pain.
In this issue we also look at the senior housing sector, which was rocked bythe pandemic. It still has an uphill climb ahead of it, but signs are emerging thatthe sector is headed for recovery, according to our story on page 14.
And on page 38 we discuss the changing rules for CRE marketers amid thepandemic.
In this issue we also continue with our ongoing influencer series, in the seniorhousing, healthcare and marketing sectors. As always with this series, we havefocused on the individuals, teams and companies that have made significantcontributions to their respective industries in the past year.
We hope you enjoy this issue, our last in a year that most everyone will behappy to forget.
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4 GLOBEST. REAL ESTATE FORUM NOVEMBER/DECEMBER 2020
Managing Editor Erika Morphy