Narthex One Newsletter – Q4 2020
Letter to investors
Happy New Year! I trust you all had a safe and joyful holiday season.
Overall, the 4th quarter continued to see a surge in demand for rental worship space. Church plantingactivity, as well as the expulsion of church groups from local schools due to Covid, has created a wave ofchurches looking for homes. On the supply side, however, there has been a slowdown in churches coming to market for sale. We are seeing fewer churches and fewer opportunities as churches re-evaluate their ministries for a post-Covid world. Additionally, there is an increase in secular activity inthe church market. Churches are receiving increased buyer interest from developers; low interest ratesand access to capital are certainly contributing factors. As a result, some properties on our watch listare now under contract and no longer on the market.
In short, we have more demand than spaces available. One of our goals for this year is to identify moreproperties for acquisition before they come to market. To this end, we are forming a partnership withThe Sending Project, a Kansas City based networking group that works with over 300 churches in thearea. Narthex Properties, LLC sponsored The Sending Project’s annual dinner last fall (virtually), and wewill advertise and be featured on their website throughout the year. Hopefully this initiative will lead tonetworking opportunities and the chance to introduce Narthex to churches that could benefit from ourservices.
We look forward to 2021 and trust that God will point us in the right directions. If you have anyquestions or comments, please don’t hesitate to contact me. Thank you for the trust you put in us! Westrive every day to be good stewards of your investment.
Blessings,
Rob Boyer
CEO, Narthex
