In the middle of March 2020 the Coronavirus swept through the land. This pandemic affected Arrow Companies along with many other businesses. Being a commercial real estate company, we had to learn to be flexible and lenient with our tenants who were struggling to run their businesses and keep up with payments. To help tenants, owners started to defer loan payments altogether or switched their loans to interest only. We also informed our tenants of the many small business grants they could apply for which helped to keep them afloat as well. While businesses were working from home or unable to work at all, we saw a decrease in operating expenses such as Electricity, Water, and Garbage in all our buildings. Now that states have started to reopen, businesses are getting back to their workspace. Although we are excited to have some normalcy back in our lives, we are continuing to take many precautions due to Covid-19. In each building our Property Managers posted Covid-19 signs on all entrance doors, set up sanitation stations, and devised outbreak plans. One of our Property Managers describes these times as a “different kind of busy”.
Not only is the office busy, but Arrow Contracting has kept busy throughout this pandemic as well. The Fernbrook View Apartments project has developed considerably throughout the course of a few months. We have also had several tenant improvement projects that have kept the contracting team on their toes. Although this pandemic has created lots of extra work and been stressful at times, it has also made our business relationships stronger and healthier for the long run!