Business & Commercial

NAI Global Ranked Among Top Five Commercial Real Estate Brand in the 20th Annual Lipsey Survey

Nassau, Bahamas – April 7, 2021: NAI Global, a leading, global commercial real estate firm, earned the top fourth spot in the 2021 Lipsey Survey of Top 25 Commercial Real Estate Brands. The survey was conducted among 100,000 commercial real estate professionals using a combination of ballot voting, phone interviews and focus groups to identify the top global brands. NAI Bahamas Realty Commercial, a division of Bahamas Realty Ltd. is a member of NAI Global.

 

 “We are proud that the strength of NAI Global is reflected in the results of this year’s Lipsey survey,” said Donnie Martinborough, CEO of Bahamas Realty and NAI Bahamas Realty Commercial. “As a local company, we’ve been active in the commercial real estate industry for decades. Our affiliation with NAI Global demonstrates that we have the backing and experience of a top 5 commercial real estate brand behind us to handle transactions of all sizes.”

 

The survey is conducted by The Lipsey Company, a leading training and consulting firm specializing in the commercial real estate industry to equip organizations and their practitioners with the skills necessary to succeed in today's competitive environment. The 2021 survey results can be found here:

https://lipseyco.com/top-commercial-real-estate-companies/

 

About NAI Bahamas Realty Commercial

NAI Bahamas Realty Commercial, an exclusive member of NAI Global, is a corporate real estate services company dedicated to offering the finest commercial real estate and property management services in The Bahamas. It is the commercial division Bahamas Realty Ltd.

 

About NAI Global

NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 375 offices strategically located throughout North America, Latin America and the Caribbean, Europe, Africa and Asia Pacific, with 6,000 local market professionals, managing in excess of 1.15 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

 

NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. To learn more, visit www.naiglobal.com.

 

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This Private Island Paradise is up for Auction - and there's No Minimum Bid

 

Have you ever dreamt of owning your own sun-soaked private island? Now's your chance. Heading to auction on March 26th, with no minimum reserve is the opportunity of a lifetime.

Yacht in the water by St Andrews Island, little Ragged Island

Little Ragged Island, one of the largest private island in The Bahamas, is up for auction March 26th

Ringing in at an expansive 730 acres, St. Andrew's, also known as Little Ragged Island, is both the southernmost and the largest private island in the Bahamas currently for sale. Listed exclusively with Bahamas Realty agent, Stuart Halbert, the island is up for auction in collaboration with Concierge Auctions, a US real estate company that auctions luxury properties and has a client list that includes some of the most affluent buyers around the world, and notable celebrities and sportspeople.

Sand flats on Little Ragged Island in The Bahamas

White sand flats and deep waters make this one of the best fishing grounds on the planet - you'll find grouper, snapper, bonefish and many other species in abundant supply.

Surrounded by azure ocean waters and fringed with pristine white sand beaches, the island is breathtaking from first look and presents infinite possibility. Elevation varies from sea level to a hilly 40 feet. The eastern side of the island features deep water access, perfect for large ships to pull up, making it truly ideal for development and construction.

St Andrew's Island aerial - Little Ragged Island is up for Auction

A developers dream, the island has deep water access for large ships and yachts.

A perfect blank canvas of rolling hills, lignum vitae trees, and calm warm waters begs to be painted with your dream project: a picturesque private residential settlement, a crown jewel of a tropical estate with miles of private beaches to wander, or a boutique resort with more than enough acreage left to add an entire 18-hole golf course. The island's possibilities are as limitless as the Atlantic Ocean surrounding it.

The island is a developer's dream, with space for a luxury resort development, deep water access for ships, or even, as CNN points out, room for your very own Bond villain layer. After all, James Bond is famously fond of The Bahamas.

Bidding opens March 26, 2021 and closes March 31. Contact us for more information.

Here's What the NAI Global Real Estate Outlook Survey Reveals About the Recovery of CRE Globally

 

NAI Bahamas Realty Commercial today announced the release of the NAI Global Real Estate Market Outlook for 2021.


The report is the result of an internal survey of NAI Global brokers from over 30 U.S. states and a dozen international offices with responses between October 7 and October 29, 2020.

The clear takeaways from the recent NAI Global Real Estate Outlook survey, especially in the context of survey responses from six months earlier, is that NAI Global real estate professionals have largely adjusted to living and working during the pandemic. Whether it is called concern, deeply concerned or fear, we’ve seen what high unemployment looks like and feel less threatened by it. The Coronavirus is a terrible blow to our economy and way of life, yet the perception of its impacts—while still bad at 32%, is becoming more manageable. Or simply, we have grown accustomed to it.

Work from home (WFH) was a novel experiment in 2020, and we still don’t know how, exactly, companies will adjust business operations once we get to a relatively safe post-pandemic period. However, with the same level of response for concern – just 6%, it seems to suggest that WFH is not that big of a deal—at least for the real estate market. We’re not calling this “the new normal” yet because we are certainly not there, and probably will not be any time soon.


The survey also revealed what has been said before – that the recovery from the pandemic is taking shape at different speeds and is not at all consistent geographically. In other words, it is better in some markets and worse in others.

Click here to read the full report from NAI Global, or read on for the key takeaways.

 

Office Market Highlights

 

  • Over the next six months, 59% said the office market would be flat, 18% thought it would heat up yet 8% responded that office markets would cool. By comparison, the spring survey (published in summer), 9% said tenant demand would be hot, 25% said it would be cold and similarly regarding office market conditions overall, six months ago 15% of NAI office brokers thought the market would heat up while 13% projected the office market would cool down. In other words, by fall of this year and compared with six months earlier, the outlook for office market conditions was less pessimistic and was perceived to be more stabilized with potential for greater improvement next year.

 

  • Even if there is a whiff of optimism for the office market, recovery from the pandemic will take another 1-2 years, according to the majority, 53%, while 23% think the recovery will happen in the next 6-11 months and 16% reported it would take over three years. 4% projected the recovery is closer at hand, or 1-5 months away, while the same percentage – 4% said “it will never return to pre-pandemic levels.”

 

Industrial Market Highlights

 

  • As spring turned to summer and then fall, it became clear that the industrial real estate sector was the strongest among the property verticals. That perception was fully endorsed by NAI Global professionals in the October survey, with 78% of them stating the market for industrial real estate was hot. 20% of responders said it was flat in their respective markets while only 2% said it was cold.

 

  • A majority – 54%, said their industrial markets had already recovered since the onset of the pandemic, while 11% said recovery would require another 1-5 months, 23% thought recovery would take 6-11 months, 11% stated their markets would need 1-2 years to recover, and only 2% reported the recovery would need 3 years or more.

 

Retail Market Highlights

 

  • The prospects for changing a struggling retail real estate market are not great, with 46% of survey responders stating the sector would be cold over the next six months – yet that is an improvement from spring of this year when 61% thought retail real estate would be cold over the next six months. 14% said demand for retail real estate would get hotter in the next six months. 

 

  • Other than the hospitality sector, retail real estate is suffering the worst among the property verticals. 50% of the survey responders that are knowledgeable about retail real estate and retail in general said it would take 1-2 years for their markets to recover while 22% stated recovery would require three years or more, and 12% responded that retail “would never return to pre-pandemic levels.” Only 3% said their retail markets had already recovered or would in the next five months. While most agree that vacation and business travel will recover to pre-pandemic levels eventually – and help the hospitality sector, the retail industry is clearly in the midst of a transformation and it will take a few years for retail operators to change and adapt to how people shop, and adjust their real estate requirements accordingly.

 

About NAI Global

NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 375 offices strategically located throughout North America, Latin America and the Caribbean, Europe, Africa and Asia Pacific, with 6,000 local market professionals, managing in excess of 1.15 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

Based in New York, NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.

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Click here to learn more about our commercial real estate services.

This is The Month Your New Year's Resolutions Fail (And How to Save Them)

Did your New Year’s resolution go out the window already? You’re not alone. By about the beginning of February, approximately 80% of people fail at their New Year’s resolutions.

Amazingly, while most people begin the year with a resolution, the majority expect to fail before they even start. That’s not a very positive way to start the year, but we’ve got a better plan.

Whether you are determined to learn something new, improve your health, or increase your business success, the key is NOT to set a resolution but to set a SMART goal.

 

According to research shared by Forbes, there are two reasons we typically fail at our resolutions:

  1. We weren’t very committed anyway (see: expect to fail)

  2. “Because we felt some pressure to create this goal, we likely haven’t fully thought through all the people that will benefit from our achievement.”

At Bahamas Realty, our team is changing how we look at goal setting, and instead of setting unrealistic, and empty-ended resolutions, we’re setting SMART goals.

To make sure your goals are attainable, they should be based on a reachable target, and motivation based.
 

What Does SMART Mean?

SMART is a formula that you use to guide your goal setting. SMART is an acronym that stands for the following terms:

Specific (simple, sensible, significant).

Measurable (meaningful, motivating).

Achievable (agreed, attainable).

Relevant (reasonable, realistic and resourced, results-based).

Time bound (time-based, time-limited, time/cost limited, timely, time-sensitive).


Why does it work?

Using SMART goals “sets boundaries and defines the steps you’ll need to take, resources necessary to get there and milestones that indicate progress along the way.” (Indeed.com) With SMART goals, you aren’t just setting a vague, unattainable goal, you’re creating the roadmap to get there.

 

Example 1:

Resolution: Lose weight!

If you, like many people, set a resolution to get healthier this year, BIN IT. Instead, be specific: Plan to join an outdoor exercise class and give yourself a deadline - that is an attainable plan, with a sense of direction that you can accomplish.

 

Example 2:

Resolution: Save money!

Think about your WHY. Perhaps you want to save money so that you can buy a new home. Using the SMART formula, you can make it achievable:
"I will save a specific amount of money each week to buy a home with a downpayment of 10% by 2022."
(Tip: Don't forget R - be Realistic about your circumstance, and adjust if necessary).

SMART goals can be applied to all aspects of your life, from your business to your personal life.

 

To better understand each step, check out this excellent breakdown (with examples!) from Indeed

And then say good riddance to guilt-ridden New Year’s resolutions.

 

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Caves Corporate Center Now Fully Leased by NAI Bahamas Realty Commercial

 

NAI Bahamas Realty Commercial, a leading full-service independent commercial real estate firm, announced today that the Cave’s Corporate Center West is now 100% leased. The NAI Bahamas Realty Commercial exclusive listing is a newly constructed Class A office building located on West Bay Street and Blake Road. 

Caves Corporate Center - Newly built corporate office building in Nassau with afternoon sun

 

The Caves Corporate Center West has been highly sought after since its ground breaking in 2019,” said NAI Bahamas Realty Commercial’s CEO, Donald Martinborough. “We are thrilled to see the project near completion and to have represented the developers, Mosko United Construction Company, in the successful negotiation of the lease of the final remaining spaces.” 
 

The Caves Corporate Center West is comprised of 25,000 square feet of Class A, Build-to-Suit office space. The three-story Class Abuilding is designed to offer spectacular ocean views and is ideally situated within minutes to the international airport and the Bahamar Resort. 
 

NAI Bahamas Realty Commercial previously announced the lease of 18,000 sq. ft. of the building to anchor tenant, Ernst & Young. The remaining 7,000 sq ft. will be occupied by Trident Trust Group, also represented by NAI Bahamas Realty Commercial, and Banco Santander Intl. 
 

NAI Bahamas Realty Commercial specializes in the sale, lease, and management of Build-to-Suit properties. These buildings represent the newest and highest quality buildings in the Bahamas commercial market. They are well located, feature top of the line construction, and possess high-quality building infrastructure. As a result of this, they attract the highest quality tenants. 
 

“We’re seeing a greater demand in this type of commercial development as it becomes the industry standard in international markets,” said Martinborough. “Looking ahead, we anticipate the demand for professionally managed properties with Build-to-Suit options increasing, as tenants are attracted to spaces designed and tailored specifically to their needs.”

 

About NAI Bahamas Realty Commercial.

 

NAI Bahamas Realty Commercial, an exclusive member of NAI Global, is a corporate real estate services company dedicated to offering the finest commercial real estate and property management services in The Bahamas. It is the commercial division of Bahamas Realty Limited, a full-service real estate company established in 1949 offering a full range of services for both residential and commercial properties.

To learn more about our Commercial Real Estate Services Click Here

 

Going Green: The Growth of Solar Energy in The Bahamas

 

As a country with an abundance of sunshine, The Bahamas is slowly but surely taking advantage of all the benefits that come along with solar energy in terms of improving the country and livelihood of its citizens. In fact, The Bahamas has about 340 sunny days a year! As people begin to look for more sustainable ways to reduce energy consumption and save on costs, more individuals and companies in The Bahamas are opening their eyes to all the possibilities solar energy can bring. 

 

Cutting Down the Electric Bill 

The residential real estate industry has seen an uptick in solar-powered homes throughout the years, with some homes even going completely solar, like this home on Paradise Island which was recently sold by Bahamas Realty agent, Andrea Brownrigg which is completely powered by its own solar grid.

Luxury Home in The Bahamas with Solar Panels | Bahamas Realty

 

Homeowners have recognized the positive impact solar energy can have on their cost savings in the long run. For many homes, the electricity bill makes up a large portion of the expenses so when the energy costs are cut, money will be saved. In addition, the rising energy costs make the transition to solar energy a no brainer for so many homeowners. Even a smaller solar panel for hot water can produce significant savings for the average household. 
 

Commercial Properties Benefit from Financial Savings and More 

Commercial companies like NAI Bahamas Realty Commercial have started making the transition to more sustainable energy solutions by changing out light bulbs to LED, replacing HVAC units with energy-efficient ones, and having programmable thermostats in offices. Although these changes may seem small compared to installing full-blown solar panels, these efforts have led to 25% average savings in energy across the buildings that NAI Bahamas Realty Commercial manages. 

“Many office buildings in The Bahamas are older, and most are multi-tenant buildings. Achieving energy efficiency in these spaces has its challenges. We work with landlords and tenants to help them make practical changes to reduce energy waste which benefit both parties in the long run,” said Donald Martinborough, CEO of Bahamas Realty and NAI Bahamas Realty Commercial 

Not only are there direct financial benefits of a green, efficient space, but embracing green energy ideals can have positive impacts on a company’s brand and community relations. The added benefit? A strong relationship between tenant and landlord and a more attractive commercial space for future tenants. 

“When renovating or building out a new space, tenants and landlords have a great opportunity to collaborate and go green. Relatively small changes in the design and build-out of the space can have a big impact on its energy efficiency and sustainability,” said Martinborough. 

Bayside Bahamas Commercial Building | Bahamas Realty


The Bahamas Goes Green 

The solarized project forged between the government of The Bahamas and the United Arab Emirates (UAE) is an agreement signed in 2017 to “accelerate sustainable development” in The Bahamas. This $4 million dollar aims to save The Bahamas $350 thousand dollars and annually offset over 800 tons of carbon emissions by displacing thousands of litres of diesel fuel with a grid-tied solar system. 

Similar to the agreement signed in 2017, Bahamas Power & Light (BPL) launched the Family Island Solar Program with support from the Rocky Mountain Institute (RMI) and Carbon War Room’s Islands Energy Program. This program proposes to develop “solar-fueled power systems” on the Family Islands of Andros, Bimini, Eleuthera, and Inagua with hopes of meeting 30% of the electricity by the year 2030. 
 

What changes are you making to move toward a greener, more energy-efficient environment? 

Contact us to learn more about our commercial property management solutions, and how we can offer guidance in a green build-out. 


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Positives in The Bahamas retail space. Is this the push we needed?

The COVID-19 pandemic has necessitated a dramatic shift in how in-person business is conducted in The Bahamas. How retail businesses have adapted, or in some cases, faltered, during the crisis may hold valuable lessons for the future of commerce in the country. If these lessons learned can be applied to our commercial spaces, could this be the push needed to revitalize downtown Nassau?

The Bahamas’ lack of urban planning and infrastructure is not well suited to home deliveries, yet we have seen many examples of innovative Bahamians offering grocery delivery across New Providence. Most Bahamian businesses have used a messenger service for years to deliver documents to other businesses, but imagine the industry’s growth and effectiveness if we invest in urban planning for our Capital city. 

Due to a lack of available land, and the age of most commercial buildings, drive through operations are a scarcity around town, yet over the past few months we witnessed curbside delivery of everything from paint to lawn mowers. Makeshift drive through pharmacies were established in parking lots with nothing more than construction cones.

Will we see a push to remodel or replace our commercial buildings to allow for the new norm?

The tourist retail market has become a ghost town, most stores shuttering their windows and doors painfully awaiting the day when the cruise ship industry returns. Could this be the ideal time for the downtown revitalization project to take hold, to replace the t-shirt shops and jewelry stores with unique cafes, boutiques, green spaces, music venues and a beautiful boardwalk?

Cities across North America have transformed their deserted downtowns into tourist attractions, why can't we?

The idea isn't a new one, but change has been slow to come. The Downtown Nassau Partnership , a public and private sector joint venture, was established in 2009 to assist with overseeing the restructuring of urban space on New Providence. This includes a social and economic transformation of the city of Nassau. However, few of the groups plans have come to fruition due to lack of funding and other roadblocks, including a lack of support from business owners in the more dilapidated downtown areas. 

A step in the right direction.

Recently, demolition began at the Prince George Wharf as the transformation of the new Nassau Cruise Port kicked off. The nearly $300M project is being spearheaded by Global Ports Holding, the world’s largest cruise port operator, and aims to completely revamp the area into a world-class port destination complete with open spaces, a museum and amphitheatre. The ambitious project aims to lead in the much anticipated, and long overdue redevelopment of Nassau's struggling downtown core.

Will this pandemic be the push The Bahamas needs to move forward?

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Welcome Back - No More Travel Quarantine: Everything You Need to Know About The Nov. 1 Changes

The Bahamas is preparing to welcome visitors back ahead of the holiday season with new travel and testing protocols starting November 1st, 2020. Here's everything you need to know about the changes:

No More 14-day Quarantine

Up until October 31st, 2020, all individuals arriving in The Bahamas from abroad were required to quarantine for a period of 14-days. Visitors were required to "Vacation in Place" during this 14-day quarantine period, remaining on the grounds of the hotel or vacation rental they were staying at. As of November 1st, this restriction will be lifted.

New Protocols

  1. The new protocols will require visitors, returning citizens, and residents to obtain an RT-PCR test no more than FIVE DAYS prior to arrival.
     
  2. All travelers will then be required to apply for an electronic Bahamas Health Travel Visa at a cost depending on the length of stay. Note: Health visa processing takes up to 72 hours, so be sure to leave yourself enough time.
     
  3. For the duration of the visit, complete a daily online health questionnaire for symptom tracking purposes.
     
  4. After five days, all individuals who entered The Bahamas and are staying longer than four nights and five days will be required to take a rapid COVID-19 antigen test. The cost of the rapid antigen test will be included in the Travel Visa.
     
  5. In addition, beginning November 14th, 2020, all visitors will be required to opt-in to mandatory COVID-19 health insurance when applying for their Health Travel Visa. The insurance will cover travelers for the duration of their stay in The Bahamas.

 

Visitors and residents are required to follow all Covid-19 requirements including wearing a mask and social distancing in public places.

For details about the new travel protocols and exemptions click here. To apply for a Bahamas Health Travel Visa, visit travel.gov.bs. As protocols are subject to change, and restrictions may vary from island to island, we recommend travelers check the status of their island destination before traveling by visiting Bahamas.com/travelupdates

We look forward to welcoming you back to our beautiful Bahamas Islands. Rest, relax, and rejuvenate. You might just find it's the perfect place to call home.

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Five Unique Ways That Small Businesses Have Pivoted in The Bahamas

The Covid-19 pandemic has taken an economic toll around the globe, and The Bahamas is no exception. In these difficult times, it's inspiring to see how businesses acted quickly and innovatively to diversify their business models to help the country in new ways.

1. Virtual Tours

Although virtual tours have been used in real estate as a form of convenience for years as a way for prospective clients to get an idea of a property and its features, the safety measures that have been put in place as a result of the Covid pandemic to avoid social gathering have made virtual tours a necessity for the real estate industry. 


The versatility of virtual tours is what sets it apart from in-person tours. With virtual tours, prospective clients no longer have to physically be in contact with agents when choosing their homes; they can view these properties from the comfort of their own homes and conduct their own process of elimination that way, saving both parties valuable time.

Whether it's a large commercial office space, or a contemporary condo development, Bahamas Realty agents can offer their clients virtual viewings, personally “walking” their clients through a property. And for many of our listings, we offer 3D virtual tours using state-of-the-art Matterport technology. [View some of our tours here]

 

2. Masks

Mask wearing in public has become a part of our daily life - at least for the foreseeable future. Medical-grade masks are reserved for health professionals, so many local businesses and even individual entrepreneurs are getting creative, producing masks & face shields creating a new product in an in-demand market.

A few businesses that have found new industry in mask production:

  • Bahamas Hand Prints is known for its beautifully handprinted fabrics and uniquely Bahamian-inspired designs and like other small businesses, they have taken advantage of the need for masks. Bahamas Hand Prints has combined its passion for creating wonderful designs and taken it up a notch by creating fashionable masks with signature fabrics, making them recognizable and setting them apart from regular disposable masks. The masks are “available in assorted prints and colors” and are also machine washable.
    Woman wearing face mask
     
  • Signarama Bahamas, known primarily for their signage (like Bahamas Realty's custom property signs), window clings, and vehicle wraps, have added custom face shields to their product offering which can even be personalized or branded with company logos.

 

 

3. Hand Sanitizer

John Watling’s Distillery located in Nassau, Bahamas decided to shift its business to accommodate the Bahamian people during the COVID-19 pandemic. Acknowledging that the business has an inventory of Ethyl alcohol, co-founder, Jose Portuondo told Eyewitness News that the distillery decided to shift its “business to meet the needs of [the] community and those on the front line.” The distillery still produces its famous rums and vodkas, but hand sanitizers are an additional priority. The distillery has also donated many bottles of the sanitizer to local food distribution centers such as Hands for Hunger and The Bahamas Feeding Network to help ensure the health of all Bahamians.

4. Remote Fitness

Some fitness facilities have understood that in-person group classes are not conducive to limiting social gathering, so as a way to stay in business and still motivate people to stay on track with their exercise routines, fitness facilities are hosting virtual fitness classes via Zoom. Both parties benefit from this.

An example of the shift in fitness is Bowflex Barbie Fitness, a fitness company specializing in personal and group training. Before the COVID-19 pandemic, this company hosted in-person one on one and group classes but after seeing the demand for at-home fitness programs, Bowflex Barbie Fitness now provides virtual group fitness classes.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by Team Bowflex Barbie Fitness (@team.bowflexbarbiefitness) on

 

5. Online Ordering & Delivery Services

Online ordering app

Delivery service is not a new concept to many, but The Bahamas has been slow to embrace the convenience service; however, during the COVID-19 pandemic, more businesses have decided to offer delivery and curbside pickup options to properly abide by the guidelines set in place by the government of The Bahamas. Businesses like Bahamas Office and School Supplies (BOSS) which offer business, school, and art supplies (essential for virtual learning!), and Ports International, which sells medical supplies and equipment, have built new websites with online inventory and convenient ordering. Other food and grocery businesses like Discount Distributors, Kraven and Bahama Eats have developed mobile apps in recognition of the need for online ordering and delivery services.

The owner of Discount Distributers, Ryan Turnquest, told Eyewitness news that before the pandemic their app “averaged maybe 10 orders a day, now [they] are averaging 100.” People are satisfied with utilizing services that do not require them to leave their homes.