Holland real estate market hits ‘pause’ due to COVID-19
The commercial real estate market in Holland continued to experience a pause in Q2 as the COVID-19 pandemic upended the Lakeshore market. Holland’s local economy is energized by summertime tourism, which will be directly impacted by COVID-19. Officials announced earlier this year that the Tulip Time festival would be cancelled. This meant hundreds of thousands of visitors would no longer make their way to the city to patronize local businesses that typically see an uptick during summer months. As a result of the pandemic, very few deals occurred in the Holland market. Businesses were hesitant to make decisions with the uncertainty of the future in mind, and little inventory is available in general.