In business, the idiom that ‘God is in the details’ is an often-repeated phrase, and for good reason. When developments go wrong it is often because an important detail has been missed or overlooked, and this is often compounded by a lack of clarity about who was responsible for checking it in the first place.
Who knows when normality will return. I have two offspring at University, one final year and one first year, both have had what should be amongst the best times of their lives curtailed, especially the elder one, who finishes with a damp squib. Sadly, anyone starting in September will probably equally have a flying start (NOT!) to their university life. So is there much point in starting university life this year, for some absolutely yes, especially perhaps for those who take their studies and attainment of degrees as the number one reason for higher education, for others who see it more as a lifestyle right of passage maybe not.
Although current Government advice advises to work from home if you are able to due to the Coronavirus, over the coming weeks the government looks to be introducing a “workplace by workplace” guidance on how we can safely return to work. Starting with construction and manufacturing, it hopefully won’t be too long before other industries are given the go ahead to return, meaning it is vital that companies whose workforce have successfully adapted to their virtual workspace, have a protocol in place to welcome them back to the office.
A lot of commentary currently exists regarding the state of the UK residential market during and post the Coronavirus pandemic. We must recognise that the residential market is currently frozen. With Government controls currently in place minimal transactions will be able to occur during Q2 for 2020. There is undoubted going to be a period of economic uncertainty caused by restrictions on day to day life, the stock market fall and a negative impact on earnings caused by job losses/etc. Savills are currently forecasting a short-term fall of 5-10% in terms of sales values, with Zoopla forecasting a 60% drop in transactions.
Well, we are well past the first full quarter day during the COVID-19 crisis. Who would have thought at the beginning of the last quarter where we would be now. There have been many substantiated and unsubstantiated good news and bad news storeys but it is clear that whilst some occupiers under commercial leases are playing fair, others may not be.
Unprecedented. A word that very rarely entered our vocabulary until recently. But now this word is one which we hear used monotonously every day. It is one we certainly seem to have adopted as a nation and industry to best describe the period we are currently experiencing. How long this will last is unknown, but one thing is for certain this most definitely is unprecedented times for my generation of professionals in the real estate world.
At this time one of the questions that Developers will be asking themselves is what impact will Coronavirus have on the construction industry? After all, this is an industry that we all depend on to construct, modify, repair and maintain the buildings that we create and own.