Fresno commercial property image via Newmark Pearson Commercial
Written Edward Smith
Just as the economy appeared to be on the rebound from shutdowns and record unemployment, property owners now face a second wave of shelter-in-place orders. The Business Journal last week hosted a Zoom call with various Fresno-area real estate brokers in commercial real estate sectors to get a sense of what is happening in their worlds. It was a follow up to a similar Zoom call conducted in April. Both videos are available for viewing on YouTube at https://www.youtube.com/user/tbjfresno.
The number of people meeting July rent obligations for apartments, duplexes and condominiums is “starting to show some cracks,” said Robin Kane, senior vice president with the Mogharebi Group, a multi-family residential brokerage. Landlords hadn’t seen the effects of Covid too much during April, May and June.
“Just when we thought it was ok to get in the water, we all of a sudden realized we all have to get out,” Kane said. Because of this, the month of August has many landlords worried, especially considering unemployment benefits expire in July. Occupancies are still high — at mid-90% — but the employment status of those occupants is questionable. Experts are predicting the number of