Unloading commercial real estate burdens, bringing supply chain components back to North America, and preserving cash

By Jessie Feller Hahn

Jessie Feller Hahn is the Executive Director of Meeting of the Minds. She is an experienced urban planner, specializing in urban-regional policy with a particular focus on sustainability and clean energy. Previously, Jessie launched the successful Regional Energy Policy Program at Regional Plan Association in New York City. She has written numerous articles which have been featured in RPA’s Spotlight on the Region, The Hartford Courant, Urban Age Magazine, The Record, NPR, among others.

Could organizations unload 50% of their real estate burdens post-pandemic? Should essential components of supply chains be brought back to North America? And what’s the best thing companies can do in an environment like this?

I spoke late last week with Marc Mercier, a senior partner at the law firm Cassels Brock & Blackwell LLP in Toronto. Marc works across multiple business sectors, including public and private finance, and his work gives him special insights into the rapidly changing economic crisis that governments and companies are dealing with right now. His thoughts on business continuity and supply chains is particularly prescient for this moment in history.

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My take-aways from this interview:

  1. The world swapped commercial real estate for residential real estate overnight, and as Robert says, our homes are now our castles. The ripple effects this will bring to the workplace and the real estate economy will be far spread and difficult to unwind once the pandemic is resolved. This is a pivotal moment for digital connectivity – Robert calls it the “big bang moment for online.”
  2. Among the many problems commercial real estate has right now – elevators are definitely one of them. Robert describes this is ways I hadn’t thought of, and I don’t look forward to.
  3. Business travel will lose its cool – which could be a net benefit for climate change, but will require business development teams and convening organizations (ahem…like ours…ahem) to recalibrate our business models and not just for the short term.
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