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The CRE Pandemic Parachute


Pandemic Parachute: A few short months ago, we were all living normal, busy & profitable lives. Now, activities once taken for granted—are temporarily on hold. Anxiety levels have increased dramatically however it is possible to put it in perspective & soften the landing so to speak.

Individuals who manage risk for living developed a standardized "unit" to assess risk, known as a micromort to assist in putting risk into perspective; The micromort units for Covid 19 are actually quite mild in comparison to bull riding, bobsled racing or Banzai skydiving for example.

[There is a fundamental lesson here; Don't panic, remain calm & take a moment to consider your options.]

 

A parachute analogy in response to Covid 19 is appropriate at this stage. If you made it this far go ahead - pull the ripcord;

Taking certain steps can flatten the curve somewhat along with specific measures you can take to start stabilizing as we attempt to re-establish some semblance of normal. [However is important to realize that it is best to proceed cautiously.]

Consider a simple 5-step review of your;

  1. Office cleaning procedures.
  2. Elevator & social distancing policies.
  3. Work at home & telecommuting productivity.
  4. Long term business strategies.
  5. Cash flow status.

The coming months will be challenging for most CRE enterprises. However planning ahead and finding the right solutions to deal with COVID-19 issues for your office space or commercial building can help you;

Optimize your footprint

Evaluate your property footprints & health risks across your portfolio.

Improve both on-site & remote work environments

Enhance executive & employee morale

How does a CRE business maintain cash flow while keeping employees safe?? 2 practical response principles clearly stand out;

  1. Measures that are tailored to suit your specific commercial real estate portfolio.
  2. Constructive actions that chart a path toward normal.

Educating employees on new protocols & taking steps to make the return-to-work experience orderly: the following points merit consideration:

· Work remotely or telecommute where possible. [Staggered entry can minimize contact by having employees arrive in small groups every 20 minutes & limiting gatherings in common spaces with video­conferencing in separate rooms]

· Travel; Review various transportation modes employees use to travel; shuttle buses, carpooling & ridesharing may be alternatives worth considering.

  • New cleaning protocols. For example, making hand sanitizer or disinfecting wipes readily available. Establishing physical-distancing protocols may also advisable.
  • Improve communications; If you are contemplating re-opening you can establish a small planning team to accelerate decision making & refine pro­cesses after implementation. [Ask for a regular summary report as needed.]

The point here is that you are doing your best to stay right on top of it!

In addition, keep your employees up to speed as well with regular communication updates.

How should your pandemic parachute function?

  1. Demonstrate your concern for your employees & clients.
  2. Find a way to listen to the concerns of both.
  3. Demonstrate that you are in fact listening & assume a leadership role.

It sounds simple however it does require some thought; the best course of action is to focus on the basics like ensuring continuity, & doing your best to keep up morale in the interest of your executive team, employees & customers. [Stay safe!]

Burton's Buildings