Tarbert said the longer the passage is closed, the worse the issue. While restoring the bridge may take years, he believes trucks can use municipal roads without much business damage. Despite the inconvenience, “Baltimore is not closed just because the bridge is closed.”
Many of our customers have made other arrangements with different warehouses in different cities, and that material may never come back through here until we fix this situation, he said.
Maryland Gov. Wes Moore issued an executive order Friday providing $60 million in relief money to businesses and workers affected by the bridge collapse. The SBA is providing low-interest loans for small enterprises to survive the next two weeks. The help follows the $60 million U.S.
President Joe Biden visited the Baltimore response effort on Friday and reaffirmed his administration's support. “This is gonna take time,” he warned, adding state and federal authorities would “rebuild this bridge as rapidly as possible.”
Commercial real estate in Baltimore doesn't expect long-term impact, according to Jim Chivers, senior vice president of Gold and Company. “Everyone feels this is a short-term issue more than a long-term issue,” he remarked.
He predicted a slow two months, but long-term values will remain stable. The demand for industrial real estate in Baltimore remains high. Jimmy's Famous Seafood, a family-owned tavern and restaurant a few miles from the harbor, is experiencing less lunchtime traffic, according to owner John Minadakis. “Everyone in the region is still in shock,” Minadakis said.
He thinks business will increase in the coming months from the bridge removal and replacement, which requires large work crews and officials on site. Meanwhile, he's maintaining his balance sheet.
Minadakis doubts local firms will recover quickly. He anticipated, “This will be a little more long-reaching than Covid.” "We're expecting the worst."
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