Phase II is underway in Clark County and that means a little less restrictions for businesses. The economy seems to be weathering the COVID-19 better than expected as Wall Street has seen a strong rebound pushing stocks within reach of pre-pandemic levels. We are not out of the woods yet, but the economy really wants some good news and governors will play a large role in whether that news is good or bad.
Condo activity remained steady this week with a couple new listings, a couple of pendings, and recorded close. Even though the economic conditions heading forward have clouds in the forecast, it seems condo buyers and real estate investors are still willing to make a move. It seems from my perspective real estate buyers are bullish on the economy. This is what we need if we are to break out of what could be the shortest recession in history. However, things are now by any stretch set in stone.
Progress is moving along at a healthy clip on the current urban projects under construction. Indigo Hotel is almost entirely clad in its glass work and detail exterior finishes should start soon. Next door, Kirkland Tower seems to be stalled but that could be that crews are focusing on the hotel project to close timing gaps for opening. Hard to say really. Cascadia’s Aria apartment building near City Hall is nearly topped out as is Angelo’s mixed use building on Mill Plain.
The sizable project at the Academy building, Aegis was scheduled to break ground in the “spring 2020” we are quickly running out of spring. Not sure if the hurdles are purely COVID-19 related or if other funding is not in place yet. The AC Marriott building site on Terminal One completed the ground prep process and now is waiting to break ground and start construction on that project.
There is still a lot of activity in the urban core of Vancouver and that bodes well for a recovery from COVID-19.