Is this crazy weather going to be bad for CRE business at the start of 2014? A number of harsh winter storms have affected most of the country, with more on the way.
Who could have predicated that an ice storm would hit Atlanta, schools would close in Chicago due to the bitter cold, and travel was all but halted along the East Coast? Have we entered a new Ice Age?
This crazy weather is literally freezing activity on the economy, particularly for retailers and restaurants. Is anyone really in the mood to go out to dinner during what news outlets nicely call a “wintry mix,” meaning rain and snow at the SAME TIME? And business travel is stalled in a major way as well, due to a massive disruption in air travel in many parts of the country.
Now understand, deals are still being negotiated and closed during this crazy weather time, and companies like GRS Group are still providing services to our customers, regardless of whether the weather physically makes it possible to reach the office or not.
One recent title insurance deal I was working on required the attorneys for the Lender (who were based in Atlanta) to work from home, in their PJ’s, I might add. And yes, the deal did close and fund, all thanks to the power of the internet, cell phone service and all the parties doing what it took to deliver the results for our customers.
My guess is that we either need to travel to a warm destination, or take lots of sunny vacations to make up for this crazy winter weather when it finally ends. I’ll be dreaming of longer days and warmer nights while keeping my eye on the strong rebound of activity in the commercial real estate market.
How about you?