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Since we last wrote to you, it has indeed become a brave new (and somewhat disorienting) world.  But we are not entirely obsessed with the pandemic, there is more to discover here!  Welcome to our  Second Quarter 2020 Newsletter , which includes:
  • Reliable data on the effect of the pandemic for the multi-family marketplace
  • A new historic land value trend study in the Ports of Los Angeles and Long Beach
  • One of the greatest fairy tales of all time that will help us gain needed perspective on the global pandemic
  • A new look at the latest in property inspection systems, developed by Norris Realty Advisors Labs.  
Anytime we can provide you with market research or consulting, help with real estate portfolio decisions, or simply answering a question related to any facet of commercial real estate, just let us know.   After all of these years, we know a wide array of professionals that can help you, and we're honored to be of service.

Sincerely,


Steven R. Norris, MAI, CRE

Norris Realty Advisors
Covid Pandemic - Effect on LA Renters - Vulnerable Neighborhoods
UCLA Study Released

In the wake of the coronavirus pandemic, our email in-boxes have been literally filled to overflowing with announcements of webinars, Zoom meetings, and conference calls, all dealing with a theme that is something similar to "Dealing with COVID-19 in Commercial Real Estate".  What is consistent among these presentations is essentially this - no one really knows what the future will hold.  It is simply too early to tell.  

One clear exception to this is the Anderson School at UCLA, who has published a well-researched study of the effect of the pandemic that provides helpful clues to "vulnerable neighborhoods".  The findings in this study are thoughtfully prepared, and will provide a useful guide to future trends in the multi-family marketplace.

The Study finds that many of the most vulnerable neighborhoods face multiple barriers to learning, understanding, and utilizing the new temporary (rent payment) protections. The findings provide information that local officials and community stakeholders can use to target resources in recovery efforts. While effective and quick implementation is critical, it is important to note that the temporary deferral of rent payment will create a new set of threats to renters.  

Norris Realty Advisors has employed this study in our consulting with multi-family investor clients.  Those in decision-making roles in the multi-family market would be well advised to review this study.

For a copy of the Anderson Study, go here.

Port Land Value Study - Historic Trends

In recent months, Norris Realty Advisors has undertaken a comprehensive study of land value trends in the marketplace surrounding the Ports of Los Angeles and Long Beach.  The study involved review of industrial land value trends over the pasts 25 years throughout LA County, as well as a specialized study of land value trends closer to the Ports.

This study was commissioned by a confidential client in order to gain a better understanding of Port land values as they relate to major facilities in the Ports.

One important research finding contradicts a typical assumption in land valuation; that smaller industrial parcels typically sell for more per square foot than larger sites.  There is actually a consistent trend in the market that indicates larger sites actually sell for more per square foot, due to their overall superior ease of development, along with higher demand for these parcels by logistics operators in the Port area.

For more information on a key consultant in global Port logistics and planning, visit the web site of Mercator International , an excellent consulting firm we often encounter in our work.
Lessons from the Pandemic - "The Great Realisation"
"...we all preferred the world we found, to the one we left behind..."

Recently, in the midst of so much bad news, we have had the good fortune to discover perhaps one of the greatest fairy tales of all time.  And as it turns out, much of the fairy tale is true, and is unfolding in front of our eyes in real time.

New Zealand born poet Tomos Roberts, who is just 26 and now resides in Great Britain, has produced precisely 4 minutes of sublime and heartwarming perspective to the global pandemic.  As of this writing, this little piece has been viewed over 40 million times; for very good reason.  Also, it should be noted that Tomos' mother is a midwife, and babies are still being born. His sister is a doctor and has been treating covid-19 patients near London, and his father is an epidemiologist. In the United Kingdom, they have called doctors back into hospitals, so his father is back serving in a hospital setting. 

And so, we give you Tomo's Roberts "The Great Realization" - with our sincere hope that you will be given hope and courage for the days ahead.

The Great Realisation
The Great Realisation

New Property Inspection Mode -  Developed by Norris Realty Advisors

One of the new abbreviations we have all learned in the past weeks relates to Personal Protective Equipment (PPE).

We all know that new social distancing protocols have changed the world of commercial real estate consulting - and hampered the ability to both interact with clients and to conduct property inspections and business meetings.

What is sorely needed is that "in person" touch that provides both safety and the ease of real personal interaction.  No more Zoom meetings; what we want is more people relating to one another in meaningful ways that gets business done.

Pictured at right is our latest breakthrough in both human interaction and property inspection technology, developed at Norris Realty Advisors Labs.  

We expect this Client Observation and Visibility Inspection Device (COVID) to become the standard for real estate inspection in the months and years to come.

You're welcome.

Thank you for taking the time to review our Newsletter.  We greatly value our relationship with clients, peers, and friends of the firm.  Contact us directly with any questions.

Steven R. Norris, MAI, CRE View our profile on LinkedIn
Norris Realty Advisors
626-405-9922
steve@norrisadvisors.com