Restaurants!

During the spring, while people we knew were getting vaccinated, a common question to ask was "What is the first thing you will do when you are fully vaccinated?".  Sometimes, it was a trip to see children or grandchildren, but the other common answer was "Go to a restaurant".  One enterprising person made his reservations the day of his second shot!

This can be seen as somewhat surprising, since restaurant visitation doesn't show up quite that often as the above anecdote would predict, when people are queried about their passions.  Those tend to be travel, sports, time with family, or hobbies. 

The other really surprising news to us recently was the number of employed workers who quit their jobs this spring.  Why? Usually, it was because the pandemic had changed their priorities, either for what they did all day, or where they wanted to live going forward.

So what do this two factors mean for real estate in Connecticut?  That there is a great pent-up demand for eating out, and therefore a likely higher rate of success for new restaurants than history would predict.  Dining places with outdoor tables would come in at a even greater premium. 

Also, leaving a job without another one, even when jobs are plentiful, shows a tendency toward risk taking, which is certainly true for entrepreneurs.  Many people dream of one day owning a restaurant.  Now would seem to be the perfect time to test that reality, and open a place of their own.  

Landlords should therefore consider changes in use for more commercial kitchens to be built, and perhaps zoning requests for outdoor seating.  Tenants should feel safe in taking more chances now, when the stars seemed to be aligned for success.