PODCAST: How Texas CRE Is Coping With A Paused Reopening
In this series, Make Yourself At Home, we are hearing from members of the commercial real estate industry about how they are managing this new reality and gaining insight into their day-to-day approaches. You can subscribe on iTunes and Spotify.
In this episode, we’re heading south and hearing from Bisnow's reporters in Texas, Kerri Panchuck and Christie Moffat.
More than 8,000 Texans have died since the beginning of the coronavirus pandemic. In March, it went into lockdown but then moved into a reopening phase relatively quickly. First bars and restaurants were at 25% capacity, and people were drifting back into the office. Those capacities then went up to 75% — but in early June, cases began to rise and the reopening was paused.
“People were looking at those numbers in the beginning and they were completely optimistic that Texas had not been hit hard like the Northeast and other parts of the country,” Panchuk said. “Bars and restaurants were hit hard. They had a reopening, then they had to roll back to 50% — at that time some analysts projected as many as 30% to 35% [of] small restaurants could struggle in the state of Texas to even reopen.”