2020 is almost over. As many of us emit a sigh of relief, it’s time to reflect on what the year has brought us. COVID-19 and a worldwide pandemic have been at the top of the list for sure, but what has happened with commercial real estate trends? Let’s take a look.
Much of what we’re seeing for commercial real estate trends at the end of 2020 is directly related to the year we’ve had with COVID-19. But, some of these trends were headed our way even before the Coronavirus took the world by storm.
1. A big push towards industry – You’ve likely noticed the surge in e-commerce since the beginning of the pandemic. From toilet paper to groceries and other home goods, almost anything can be ordered via the internet these days. Extra demand means more of a need for industrial space including warehouses, distribution centers, and even smaller spaces that support “the big guys”.
2. Increased manufacturing and production – Throughout the year, we’ve seen an increased interest in made-in-USA goods, especially those pertaining to COVID-19. As concerns about speed and ease of bringing products to market arise, so does the need for manufacturing and production space.
3. Office space openings – Thanks to COVID-19, various lockdowns throughout 2020 have caused more businesses to have their employees working from home. This has created some openings in the commercial office space market that wasn’t there before. Looking for a new office space yourself? This could be the perfect time to find the space that exactly meets your needs.
4. Return to the office – On the other side of the spectrum, many companies are pushing their staff to return to the office as soon as it’s safe to do so. There are certainly plenty of reasons to keep your office in a post-COVID world, including more efficient training, collaboration, and project completion.
5. Increased medical retail opportunities – Aside from this year’s pandemic, medical retail spaces have become more popular due to the need for moving some health services outside of already crowded hospitals.
Source – txreproperties.com