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Conner Beese is a broker at Copaken Brooks who specializes in the office market. He talked about how leasing has changed in the COVID-19 era.
Q: Are there deals going on right now, and if so, what kinds of tenants are looking for space?
A: Absolutely, there are still lots of deals going on at the moment. At the onset of the COVID-19 situation, there were a few new deals that fell through, and renewals that have been deferred. As the situation has continued on, the companies that have the option to push their decisions down the line have done so. But, leases still have expiration dates, and some companies have to move or make decisions to stay where they are. I have been very fortunate to be in contact with those people, so my workflow has not been impacted as hard as it possibly could have been.
Q: CRETech seems to have made the jobs of brokers and owners easier over the last few years. Are you finding its come in handy during social distancing?
A: CRETech has been a huge help in maintaining the connections I have, and keeping the pipeline on track. I have noticed that the tech helps more for my relationships with landlords, than it does for myself and the tenants I represent. With the technology I am able to update the owners of the properties in real time as I generate interest, or when a prospective tenant reaches out to me. I have also been able to continue marketing those properties online, maintaining the exposure and giving people a good idea of what the property offers without them having to tour it in person. The technology still struggles on helping find new clients to represent. That is where the old fashioned face to face interaction is so important, and that personal connection is where people choose who they trust to represent them.
Q: Are there any common questions you are fielding from clients that they want answered?
A: The immediate questions were how this effects their lease, and both sides trying to figure out protections. Landlords asking about how to protect against lost revenue from rent, and tenants trying to protect themselves if they are not able to pay that rent. Those questions are where I defer to the attorneys I know, and do my part to keep the economy moving for as many people as I can.
Q: You do a lot of work Downtown. How do you see the picture there compared to the rest of the Metro?
A: I believe Downtown has been lucky to not be hit as hard, as fast, as the rest of the Metro area. Many properties Downtown have continued to have deals moving through, and interest being generated. That goes for the Central Business District and the Crossroads. The interest we are seeing is more sporadic and still much less than before, but it is still there and kicking. The other market I have seen continue to do well is Lenexa, and the new City Center. With the market they have, the industries are a little less impacted by the virus, and many people still want in those offices. This is a contrast to much of my clients interest near places like College Boulevard, where it seems like all new deals have vanished, and many of the people there are focused on renewing where they are.
Q: There was a lot of pent-up demand in CRE before this. Whenever the economy improves, do you see that happening on a bigger scale with leasing and transactions?
A: Up to this quarter, the data showed that Kansas City has been a fantastic market for CRE. Once we have a handle on the virus, and have an understanding of how we will move forward, I see the CRE market opening wide again. It may look a little different, but I believe that there will be a strong market again.
