The COVID-19 pandemic has permanently altered our society’s way of life: for better and worse. Transcending past a mandated mask requirement, to-go boxes, and empty shelves defining our grocery stores is a world in which one would think an apocalypse was on the rise. However, with all these changes, one aspect of our life has seen an advancement that might not be for the worse; that topic of interest resides in the current success rate found within the niche of the Commercial Real Estate (CRE) industry.
Social distancing, remote-style working, e-commerce (thank you online shopping) and a behest for more space/adjustment in lifestyle has resulted in a prominent increase in demand for larger spaces. The future calls for a more spacious workplace tailored to the comfort of employees and business owners that want to adhere to a less compact lifestyle in accordance with the Center for Disease Control and Prevention’s (CDC) guidelines. Scott Witkowski, an Associate at Cohen Commercial, has seen first-hand how these changes have affected the commercial real estate environment: “In the restaurant industry we’ve seen a big emphasis placed on outdoor areas, along with some concepts expanding their kitchens to be more efficient in catering to in-house customers, as well as incorporating increasingly popular catering services.” Witkowski’s observations are echoed by the adaptations numerous companies have made across all industries to ensure that clientele is at their peak level of comfort amidst a post-pandemic period.
Unfortunately, this pandemic has not always provided that kind of light at the end of the tunnel and adjustments are not always attainable. One simply cannot ignore the infliction of economic hardship that has caused debilitating stress to countless property owners. But, it is in these tough times that result in turnover for opportunists who quickly engage when the market shows signs of revival. Our world is continuously changing, and the CRE industry is accustomed to constantly adapting.