People will soon be getting some stimulus money from the government and they’ll be looking for a place to save it or spend it. “That’s where the commercial real estate broker comes in,” says Brosnan C. Hoban. “My job is to show a client how they can achieve both: saving their money, by spending it on a property.” So which properties does Brosnan suggest? Well here are a few and an explanation as to why.
“This one is a little tricky,” says Brosnan. “On one hand, even though there are fewer cases of the virus, you will still have people working from home. That means that there will be more empty office spaces.” Now, this is where it gets tricky. If you have these properties and want to sell, there will be a lot of competition out there. However, if you are buying a property, there’s plenty of opportunity to negotiate more favorable terms. “Whether buying or selling, properties with structured cabling for multi-user internet needs, strong power output and temperature controls, as well as high-efficiency/low emissions lighting are highly desirable amenities.”
Hotels and Hospitality
The hotel and hospitality industry has been negatively impacted by government advisories and travel restrictions. Even after we see the COVID-19 curve plateau, there will still be a lasting impact on travel plans for individuals and corporations across the globe. With many companies opting for video conferencing instead of in-person meetings, there will still be a continued decrease in business-related travel. Also, according to the article COVID-19: Global Real Estate Implications by JLL, “…consumers become more selective about their travel and non-essential leisure related trips. Events will continue to be cancelled or postponed until the virus is almost gone. Once that happens, people will begin opting for “stay-cations” instead of choosing to take commercial flights to visit larger or international cities, especially those negatively impacted by the virus. Areas which had little or no outbreaks, as well as those locations which are more easily accessible by car or public transportation, will be more popular destinations once the outbreak is over.
We are well past the two week mark that many retailers said they would be closed until. Some have remained open while others have either chosen or been told by their state or local government to shut down. Even after the grants and loans resulting from the recently signed trillion dollar Coronavirus Stimulus Bill, many retailers will end up shutting their stores for good. Those who do survive will have to adapt to the new reality of consumers opting for either online shopping or home deliveries. Specialty stores or stores requiring customers to physically visit will survive better than those who can’t adapt. Also, those desiring to open, relocate, or expand an existing business will be looking for the same high-connectivity-low-carbon-footprint features.
Warehouse and Storage Properties
As a result of the outbreak starting in China, as well as the unexpected panic response by consumers in the US, many businesses are looking to keep more product on hand. Also, with the reduction of workforce brought about by the outbreak, several companies may look towards using more automation and robots as part of their automations. “Being able to sell clients on the increase in revenue and efficiency by adding automation to their business practices will make these properties look more attractive.”
Because of the novelty of this reality, there is no way of knowing how this pandemic will affect commercial real estate markets in the short or long term. However, by looking at present and evolving practices, one can make a pretty good prediction as to what the future may hold. Brosnan concludes, “No matter what happens from here on out, I plan on being prepared to meet my clients’ needs.”
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