Pictures of 2020 are still flowing through our minds like a stream of consciousness rant from rock band REM’s “It’s the End of the World as We Know It” music video from 1987.
So many events took place over the last year that it is hard to keep them all straight, but here is a brief recap.
As in the larger economy, commercial real estate was the story of the haves and the have-nots. Hotel owners and retail landlords got hit hard, but apartment and warehouse owners had a banner year.
Chances are that if you owned a storefront building with a long-established restaurant as your prime tenant, 2020 was a bad year. More than 50 restaurants in the Richmond area closed in 2020. The pandemic brought an end to both proven and start-up eateries with a stunning ambivalence.
Retailers were hit…