The coronavirus has changed commercial real estate. Some inventors are busy trying to capitalize on opportunities that novel virus opened, while others are cautiously waiting for things to return to normalcy. The industry will go back to normal, but some trends surfaced due to the COVID-19 will continue to dominate the sector.
Here are three trends in commercial real estate from coronavirus that are here to stay.
The old-school world of the commercial real estate industry embraced virtual tours last year. The online outing allows potential buyers to learn about the property without going there physically. It helped maintain safety and social distancing amid COVID-19 and helped buyers and brokers save time and money.
Many commercial real estate transactions took place during the lockdown totally virtually. The parties involved in the transaction just need to visit the property to finalize the deal, i.e., when the offer is accepted. It’s an efficient, safer way to buy and sell commercial properties. In the near future, companies will be using virtual tours extensively.
Last year, we saw many investors renovating their commercial properties to create agile office spaces that can be reconfigured and reorganized on demand. The flexible furniture items, modular walls, and room dividers allow tenants to fine-tune layouts as per their business needs. Companies are willing to pay a higher rate for these flexible workspaces.
Agile workspace designs are appreciated by companies that employ an agile workforce and manage remote workers. The modular design has evolved beyond traditional cubicles, and even open spaces, enabling companies to optimize their floor space. The trend of commercial investors future-proofing their workplaces is here to stay.
Some investors have gone one step further and designed shared workspaces for companies. They serve as an affordable space for startups and small and medium businesses that work with a remote workforce. These spaces have amenities like meeting rooms, kitchens, and more. Even large companies branching out to other cities have started taking an interest in these.
They offer affordable office space for those looking to escape the isolation of a home office or coffee shop. These shared workspaces provide a suite of office-like amenities such as hot-desks, private meeting rooms, kitchens, coffee, and more. As more companies realize the benefits of shared workspaces, the trend will prevail in 2021 and beyond.
Global Capital Partners Fund is a renowned leading private lender that provides a variety of hard money loans in Fort Worth, TX, and several cities across the U.S. If you want to buy and renovate a commercial property and seeking hard money loans, discuss your options with their underwriters. For more information, call at +1-800-514-7350, or visit their website.