- Recovering from the downturn in the Commercial Real Estate Market following the COVID-19 pandemic
Throughout the COVID-19 pandemic, the future of commercial real estate has been greatly questioned. The nationwide pandemic has caused worldwide commercial real estate market volatility, a drastic increase in unemployment rates, and various other traumas to our country. Although there had been all this tragedy, there has also been an uptick in economic recovery. Through many government programs, they have prevented our country from going into an economic depression. In less than 5 months the US was able to recover from a 34% deficit. It is obvious that certain markets such as retail, hospitality, and commercial real estate will take longer to recover than others but the road to recovery is on the horizon.
- COVID-19 has altered our perception of offices and working in an office environment
It is no secret that millions of Americans are currently working from home and prefer it this way. It will be a while before anyone can return to an office or any kind of normalcy in that regard. It is important to note that office technology is advancing tremendously in efforts to create a touchless environment. What this means is that elevators, sinks, lights, toilets, and more will be automated to increase safety amongst office workers. Without having these communally touched areas, it is easier to assure safety in the office space. These are all inventions that existed pre-pandemic however people are just now realizing the true importance of touchless technology. However the overall goal of getting back into an office space and creating a work environment have caused these products to become very popular among the working class, specifically for business owners. Due to these changes, it is likely that office spaces will be very different once employees can begin returning to work.
- Office Culture Will Be Back
Working from home was something many people were excited about and it has been a huge adjustment for both employees and employers. Although it has been the way of working lately, it has proved to be less productive than an office environment. Being in an office day in and day out adds a sense of routine and office culture that you just don’t get working from home. It is difficult for employees to draw the line between home and work, which also can decrease productivity. Working from home is not going to disappear anytime soon, as many are accustomed to it and have adjusted accordingly, however many businesses and business owners are noticing the lack of productivity and the negatives of this practice. It is likely that employers will want their employees returning to work in the near future, it is likely employees will begin returning in a hybrid work from home and in-office manner.
- Collaborations will be a Priority in the Future
Collaborations and projects are types of work that have majorly suffered from the work at home movement. It is likely in the next few months and or years that offices will veer away from traditional office spaces with desks and computers and transform into living room settings where employees can feel at home. This will encourage real-life interactions among employees as well as boost productivity in projects and collaborations within the office.
- Moving Forward with Construction
Due to the pandemic, many industries have been on pause for quite some time. Industries such as construction, development, and permitting. These projects have all been able to move forward with delays in their timeline. On-site safety is a huge concern for all involved in these projects but with those safety measures, contractors have been able to move forward with little delays in their work.
