Summer 2020 Bridging Central Eastside News Covering Important Issues, Trends, and Developments in the Close-in eastside Commercial Areas A New Reality! About this Newsletter Excuse My A Coronavirus World in Our Central and Me… Typos! Greetings and thank you for taking Eastside, Cities, States, Countries... the time to read, peruse, skim, study, scan or even just glance at this mostly well researched, mildly factual and energetically written Usually, I stick to Central East- these once in a lifetime challenges, newsletter about all that is going on in the close in eastside. I have been putting this together side news, issues, projects and without any sense of certainty every year for 6 years as a way to dive a bit commercial real estate news in about the present and future reper- deeper into issues, developments, projects, general, but given this new pan- cussions. Then add to this the re- topics and also challenges in one of the most demic world, it has made me cent racial social justice unrest and dynamic and rapidly shifting commercial deviate a little to address this a very combative election cycle neighborhoods on the West Coast: The Central Eastside. Sandwiched between the river and once in a lifetime event. and this is a time of unprecedented some of the most classic and picturesque events. With many differing views residential neighborhoods to the east, this area These are some very interesting on the depth and timing of when has been a eclectic and dynamic business and and challenging times!!! I am writ- the coronavirus will become more employment engine for the city of Portland for ing this in late-June and almost manageable, and our society and over 150 years. It is a neighborhood that has such all states, counties and cities are a compelling collage of businesses, buildings, economy may start getting back to people, uses and potential that is undergoing slowly opening up their businesses any degree of normalcy, (whatever amazing growth and expansion at a swift pace. and economies in various stages that may be) makes any sort of pre- This newsletter is a way to promulgate, inform with some moving faster than oth- dictions and decision making feel and educate those who work, live and own ers, all with varied health protocols futile. It is a very fluid situation of businesses and properties in the district about all (masks, distancing, limited contacts this is going on as well as to show those looking week to week, or month to month, in from the outside what a unique and exciting etc) in place. Unfortunately, we are changes and occurrences. We just area this is. I welcome your questions, input, seeing many places experiencing don’t know. corrections, criticisms and if appropriate... new spikes in cases that shows this accolades regarding all that is in here. And I ugly malady may ripple throughout As a somewhat of a news and infor- apologize as to its length (typos) and size as I the summer and as many health mation junkie, watching what was have been trying for a couple years to pare this down but have not been all that successful (much experts have told us, this event will a lightening quick unfolding of this to my designer/printers chagrin) but there is so not be short-lived, but will be more virus hurricane in March, has been much happening it has been hard to leave like a ”rolling epidemic” where painful, especially when seeing the anything out. Having successfully represented a one city, or part of the country, will lack of coordinated response and variety of property owners, businesses, non- see some subsiding of cases, while the and dearth of resources and profit organizations, tenants, developers, public agencies and more with their space, facility and others will see a continued dra- planning by many of our health and property requirements for over 25 years in the matic increases in case numbers. governmental organizations. On Central Eastside, I also welcome your questions Then, there is this “second wave” one hand, there is the overly opti- or need for assistance as it relates to: property scenario, that many believe is an mistic prediction that the epidemic valuations; development ideas, opportunities and eventuality that may be coming has peaked and cases will start slid- trends; selling/buying properties; finding space; leasing; redevelopment; financing; construction; next fall, or winter. This will be a ing throughout the summer, which land use and more. I may not be an expert in all new normal and hopefully, some of is now not looking so certain, of these topics but I have the connections and the most challenging aspects with particular states seeing some resources to usually get your questions answered related to the Coronavirus rather disturbing increases in case and your needs addressed if I am not the best pandemic is behind us, and Ore- numbers. There is a prevalent feel- match for the assignment. gon, and Portland, which has done ing that this sharp downturn in our relatively well and is slowly open- economy will have a consequent ing up sees virus numbers continue sharp upturn in economic activity to fall. Right now it is pretty scary by early fall with travel, restaurants, with many more questions than offices, retail, and more, not quite answers. The swiftness of these back to normal but close. The “V” changes has left everyone strug- shaped scenario. That seems overly Todd DeNeffe 503-705-6380 gling to understand and assimilate optimistic, given the very real and [email protected] (continued on page 2) also emotional impact these last Where else am I getting few months have had on people my information? and businesses, and how they will operate and try to prosper Being a news hound, even though far into the future, especially in it can be a bit of a depressing ex- more crowded living and work- ercise in this new Covid-19 world, I ing spaces. I, like others, want to have found it fascinating to peruse think positively and see the half the wealth of information, opin- glass full, but I find this viewpoint ions, reactions, stories and more mostly unrealistic and misguided about how cities, states, countries, in that it may give everyone false businesses, institutions, health of- hope, which may hamper con- ficials and more are dealing with tinued long term measures to the multitude of ramifications of really defeat this epidemic. Even the Corvid maelstrom. The if this is the case, the damage opinions, predictions and “facts” done to our institutions, govern- are all over the place and often ment, society and economy will change daily. One great website is take many quarters to ameliorate www.City-Lab.com which is as the general population will be associated with Richard Florida, very cautious and reticent to “get the thinker, planner and social back to normal” as the trust and scientist that burst on the scene confidence of many has been so like a quasar with his book and severely impaired. Even if there are thesis “The Rise of the Creative lots of verifiable good news about Class” back in 2004. Florida’s the Covid-19 cases subsiding, supposition is that there is a it will take many months for our growing segment (40 million) of bludgeoned consumptive society dence that things will get better knowledge based workers that has to “believe” it is safe out there and by both the population and busi- and will continue to transform the future will not see a reoccur- nesses in order for investment and society, and our working culture rence of this insidious malady. Even spending to increase and with how (and more specifically) influence with diminishing cases and deaths quick and deep the effects have how the workplace is organized, going through this summer and been to this point and may con- how companies will prosper or not, fall, restaurants will not start filling tinue has damaged the psyche of and even how cities and states will up… Hotels see increased book- the whole economy which will take need to adjust to thrive or wither. ings… People will be travelling considerable time to repair. I think Florida has partnered with Bloom- and businesses most importantly we need to be realistic regarding berg to bring considerable and will start any measureable invest- these projected facts and look for varied content by all sorts of think- ing and bringing people back to only week by week or month by ers, journalists, business people work. There will be less savings, month positive progress that will and academics on a variety of cur- high unemployment, more debt lay a foundation of confidence and rent issues and trends, mainly with personally, corporately and with safety that can instill a building a bent towards our urban environ- all local and federal government’s feeling that the worse is over and ments, but also heavy in how the budgets taking a bit hit. There will that better days are consistently coronavirus (and also now racial be less resources and flow of dollars ahead. At least this is what the justice issues) has and will continue to bring the economy to where it crazy (and in my opinion to permanently affect how we live, was pre-virus. The economy to a disconnected) stock market is work and play. I also find websites large degree is fueled by future saying which whether you believe associated with the major news- expectations and strong confi- or not is a positive indicator. Have papers, such as the Washington I got you too depressed? We all Post and New York Times, always need to employ the old maxim of compelling along with other great “Prepare for the worse and hope sources and writing on the web- for the best” and understand that sites of Pro Publica; NPR; Politico; this much more a marathon or The Atlantic, and then internation- large mountain to climb with one ally, Reuters, CNBC, Bloomberg positive step at a time to get to and the Wall Street Journal are the a stronger society and economy.