The coronavirus pandemic has effected the entire world and every industry. The economy is at a halt and the number of unemployment claims are growing at a rate we haven’t seen since the Great Depression. According to the Washington Post, 25% of the national unemployment claim come from the food and beverage (F&B) industry.
Compared to other Boston neighborhoods, the Boston North Submarket has a significantly higher percentage of employees from the F&B industry. For example and according to the Federal Bureau of Labor and Statistics, 13.1% of Revere’s employment base is made up of food & serving related occupations, versus Brookline whose employment base is made up of 2.39% of food & serving related occupations. Landlords in submarkets, with a majority of tenants from the food and serving workforce, face an unprecedented and daunting situation.
Owners and lenders alike are calling BRA to discuss this dilemma and to navigate the effects of the pandemic. Please contact us to discuss the many opportunities available to you and your real estate.