Coronavirus Has Gutted Commercial, Retail Real Estate Markets, Outlook Optimistic — But Different
The COVID-19 pandemic has severely impacted commercial and retail real estate, with office rents expected to decline by up to 20% and many retailers struggling to pay rent. However, the outlook remains cautiously optimistic as companies adapt by repurposing spaces for e-commerce, and downtown areas evolve into mixed-use hubs blending residential and collaborative work environments.
Originally Published in International Business Times
Published on: Sep 13, 2020
It’s been roughly six months since millions of office workers shared chats next to watercoolers and shopping malls were bustling with retail consumers. As some areas of the U.S. cautiously reopen amid the pandemic, questions linger over what to do with the ample commercial and retail space that remains barren.
The pandemic has disrupted nearly all aspects of life. Video chatting has replaced face-to-face contact for everything from business meetings to family dinners while online shopping for everything from basics to pricey exercise equipment has supplanted trips to department stores and gyms.
