Measures to contain the spread of coronavirus are shifting by the day — and so are responses by investors, companies, builders, banks and buyers. To track the impact in real-time, RE|source Miami is asking Miami-area real estate professionals in various sectors for on-the-ground reports.
Today we hear from Adam Mopsick, CEO of Miami-based Amicon Management.
Q: Construction sites are still open. What steps is your firm taking to ensure that construction workers are safe on the job? How do you monitor social distancing?
As an owner’s representative, we feel it is our moral and ethical obligation to enforce unique precautions around each of our client’s projects. Our team is responsible for ensuring that contractors adhere to global standards and recommendations while sites remain active, which include: social distancing, heightening hygiene requirements and monitoring the health of each person onsite.
Q: What impact do you anticipate on projects now underway? Since government isn’t meeting in person, are permits on hold, and is that affecting completion schedules?
The impacts on projects vary between each municipality. Amicon’s active portfolio spans the tri-county area, which means our project managers are navigating solutions specific to each project that can respond to any municipal adjustments. Whether due to governmental changes or disruptions in the supply chain, the effects of the coronavirus have forced us to be hyper diligent in changing the way we work to anticipate any upcoming delays.
Q: Are you seeing or do you anticipate any disruptions to the supply chain for materials? Does it matter that most of those come from overseas?
Every construction project is unique and material sourcing for each of them is presenting challenges. Obviously, our teams are constantly monitoring the changes in materials coming from countries like China and Italy. In the pursuit of adding value to our client’s projects, we are actively looking for alternative materials that can be sourced locally, resulting in best prices and schedule continuity.
Q: Do you have any clients actually talking about starting future projects, or are those pretty much on hold for now?
We have many clients who have an unique opportunity to forge ahead on construction projects while other activities are shut down. Capital improvement projects and projects in occupied spaces can take advantage of inactivity and lower prices.
Q: What opportunities do you hope / expect to see in the months to come, and when do you think that might be?
We are actively working with our clients to find savings as the market readjusts. We see this as a huge time to find cost-savings opportunities which will lead to another surge in construction. As people get back to work, we expect real estate activity to ramp up quickly and want our clients to be at the forefront of that boom.
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