Developers are starting to include new health and safetyregulations and flexibility into development plans for upcomingprojects. This includes making financial adjustments to comply withnew regulations and adapt to market uncertainty. This isparticularly true for institutional developers, who are forgingahead on projects.

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"Developers are starting to make adjustments to their financialperformance as they start to actualize their development plans,"Tom Harrison, VP and managing partner ofJohnson Carlier, tells GlobeSt.com. "We are seeingthe more savvy developer starting to carry certain contingenciesfor the unknown and also accounting for some schedule contingenciesfor the what if. The typical developer realizes that developmentcan't stop and although the financial markets are somewhat unstablethere is still a significant amount of cash and debt that needs tobe placed from the capital sources whether they be family officesor REITs."

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Developers aren't alone. Contractors and laborers are alsomaking adjustments to comply with the new market. "I think thelabor force is implementing self-discipline safety behavior that ismandatory at most construction sites around the country if not theworld. Safety protocol for COVID-19 is now very specific, detailand required for most large construction company's project sites,"says Harrison. "We are seeing the individual labor of the tradepartner starting to really take that safety requirement seriouslyand even taking the behavior home with him which is how we willminimize the spread and eventual impacts."

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Contractors have implemented very strict guidelines to ensureworkers safety and help to mitigate delays on the job site. Theplan is based on the guidelines from the CDC and the WHO. "Doingthis, our response plan has catered to each individual situationconsidering there is no 'one-size-fits-all' response for anycrisis. In this case, companies should cater its plan to reflectthe circumstances of COVID-19," says Harrison. "For starters, thisplan should summarize the most recent updates and information fromthe CDC and WHO."

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In addition to onsite measures, Harrison says that educatingboth developers and workers and communicating guidelines is alsoimportant to maintaining a safe work environment. "It's importantto outline any symptoms of the illness and present a recommendedresponse plan that addresses all of the potential situations thatmay arise," he says. "To help communicate the severity of eachsituation, companies can rank situations on a scale from high,medium to low in terms of their exposure risk levels. Additionally,plans should contain instructions detailing how employees shouldnotify their supervisor or manager if they are at risk of exposureor have recently been exposed to illness. Lastly, this plan shouldbe sent and distributed to anyone within a company so messagingstays clear and consistent for both employees in the office and outin the field."

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.