The COVID-19 pandemic has had a dramatic impact on commercial real estate. Some sectors of the industry, such as industrial property, remained vibrant, while office and retail space showed a decline. The reason is that the past year changed many things about the way we live, work and play.
The future for the most affected sectors still is unclear, but here are some ways the industry can bounce back:
Commercial real estate, long thought to be a bulletproof investment, is at the center of a sea change that has been coming slowly. The signs were there that the number of people working remotely was growing:
The signs were there, but hindsight is a wonderful thing. Now commercial real estate owners need to develop strategies to meet the challenge. This sector is likely to see fluidity at least through 2021.
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