How COVID-19 is Fueling a Final Inning for the Mobile Home Park Sellers’ Market by Kevan Enger
T
he COVID-19 pandemic has been hitting our economy hard. From restaurants and retailers to doctors and dentists, most businesses have endured some level of financial or operational hardship from the pandemic. The result has been devastating with real gross domestic product (GDP) decreasing at an annual rate of 32.9% in the second quarter of this year. The economic cliff dive has been accompanied by an unemployment rate of 11.1% in June with approximately 17.8 million people unemployed.
For the commercial real estate industry, the impact has been devastating. Retail, restaurant, and hospitality properties have been whacked the hardest as the pandemic forced most stores to close their doors and restaurants to halt all indoor sit-down business or cut their capacity by up to 75%. Many big restaurant chains notified their landlords they wouldn’t be paying rent for up to one year while innumerable operators had to permanently shut down.
64 | SEPTEMBER / OCTOBER 2020 EDITION • MHINSIDER.COM
