This snippet from Vonnegut has been on my mind the last couple months.
I think small commercial renters are about to get their own Pan-Galactic 3 Day Passes. Who would blame you for walking out of your new lease, and what sort of landlord would risk the bad publicity to sue you right now? I see new retail projects like The Village at Rancharrah (SUP, Coffebar, Centro, Dorinda’s, Base Camp Pizza all show as “Leased” but have not submiited construction permits), Park Lane Retail (no tenants announced), 5th/Keystone (Starbucks, Cracker Barrel, and rumored Panera), and Reno Public Market aka Shopper’s Sqaure with no real tenants announced that will be impacted by tenant defections. I expect 30-50% of shuttered Midtown retail to never open up again. Bleak future for retail.
In my market sector which is primarily Urban Infill, I still have new projects coming in the door but they don’t make up for the projects that are going on hold or only progressing to a logical stopping point.
Stuff is still being listed on the MLS and LoopNet. Well priced and well located properties are going into Contract rapidly, while crap listings linger. I’ve seen a few “get out of Dodge” listings, but no spate of panic listings.
So what are you real estate professionals and dabblers seeing in real life? Is this a good time to list properties? Are home inspections “critical jobs”? Are realtors critical or just one step closer to being technologied out? I’m looking for voices from the field!