By Mark Stapp | Phoenix Business Journal
I have been asked several times during the past couple weeks about the impact COVID-19 will have on real estate and my answer is, we can only speculate because this is still playing out and we have no idea of the pandemic’s duration or total impact.
We are certain it is severe. It is unlike anything we have experienced in recent times. What I am sure of is the normal approach, the typical attitudes and strategy, is not likely to work and maybe will cause more damage.
Are we resilient? Can we absorb these impacts in Phoenix as a place? Yes, but it will take a “shared” mentality. Resiliency is ability to absorb shocks. Resiliency of places and populations is derived from well-formed formal and informal social networks and systems – the ways and means of helping each other. Our required response to this crises is the opposite – maintaining distance and having limited connection.
The systems we need are impeded, restricted and in some cases unable to function. Technology may help to remain connected and supportive as well as offer some comfort. We need more than just comfort. We need collective support.