Developing Leaders Off the Record with Matt Goode | Summary
Over 30 NAIOP Chicago Developing Leaders recently gathered for their first “Virtual DL Off the Record” and heard from Matt Goode, Principal, Venture One Real Estate for a conversation on Matt’s career path and successes and his advice on how DL’s can be navigating the next few months in a post-COVID world.
Matt started out with sharing an introduction of himself and his career in the real estate industry to kick-off the event. He started his career with First Industrial upon graduating from the University of Colorado and was fortunate to work with a strong group of real estate professionals. His experiences throughout his time at First Industrial led to him co-founding Venture One in 2008.
Reflecting on the Great Recession, Matt explained that this downturn is not driven by economics, but rather science. In other words, it is much harder to predict when we will be able to return to our everyday. In discussions with their 400+ tenants under management, Matt said that the general sentiment is that tenants generally had no way to prepare for a downturn such as COVID. While tenants were able to make rent payments in May, there’s a high probability that this was a result of PPP propping up businesses. July and August are likely going to be more indicative of how the economy is faring in the face of COVID.
The recovery will likely be slower than we initially anticipated because of people’s resistance to return to certain activities for a period of time. Unfortunately it is doubtful that we will have a vaccine or a cure in the near future. Looking forward, Matt predicted that there will be three positive impacts from COVID for the industrial sector: 1) Rapid expansion of e-commerce due to new consumers being introduced to online shopping, 2) Increase in warehouse inventory/safety stock, and 3) Onshoring.
If you’re a Developing Leader, stay tuned for future opportunities to participate in our DL Off the Record programs.
Written by: Jordan Kovalsky, Vice President, Lincoln Property Company