Larry Ross, LJR Realty Associates

Name: Larry Ross

Company Name: LJR Realty Associates

What aspects of working from home did you enjoy most?
It gave me the opportunity to appreciate and respect the day to day needs of my family members and to regain sight of the things that matter the most. It helped me become sympathetic to the challenges my children had to face such as remote learning and limited social interaction. It pushed me to explore some of the newer technologies and social media platforms that are currently trending. The isolation forced me to become more creative. I began hosting virtual networking events and focused on building better client relationships by keeping them up to date on relevant market information. I also learned many new things about my house which I was not aware of, and that I could still shred the guitar.

What are your predictions for commercial real estate in 2021?
In past down cycles we understood to a degree the forces at play, however due to the global reach and uncertainty of the virus the recovery timeline becomes a moving target. Several factors will dictate where the market goes such as the effectiveness of the vaccine, lockdown restrictions, ability to freely travel and the political environment. The lack of tourists and office workers has disrupted our real estate eco-system and hinders the recovery. Certain assets classes such as retail and hotels were pushed over the cliff while the industrial market thrives. The office market remains unstable due to business downsizing and folding, and while apartment rents have declined free-market multifamily remains attractive. Property valuations and cap rates will be difficult to project near term.