Industry insights, market outlook reports and commercial real estate
news, and trends from the Coldwell
Banker Commercial brand.
This is the final part in a series of insights shared by the Coldwell Banker Commercial team in collaboration with local leadership and real estate professionals from around the country. Their collective insights into the micro and macro market trends for the coming year encompassed an array of asset classes, user types, and investor profiles ranging from private investors to users of all property types.
There’s no denying that in recent months, one of the fastest-growing trends, especially among tech companies, is to have their employees work remotely, whether from home or from wherever they choose. Google and Facebook, for instance, have given their employees the option to work remotely through next summer. And Jack Dorsey, the CEO of Square and Twitter, has said that his team can choose to work remotely forever if they’d like. And plenty of other big-name corporations have offered similar options to their employees.
Before the COVID-19 pandemic hit, millions of workers were scattered throughout thousands of buildings and towers across the United States. Now, as cities attempt to reopen and get back to business as usual, many organizations are deciding it’s likely that not all of their employees will return to those buildings – now or ever.
The Tax Cuts and Jobs Act, TCJA, is heralded for its unique ability to funnel billions of dollars into these struggling low-income communities. However, some question whether this program will add or detract value to the community in the long run.
To continue to operate businesses responsibly and reduce the impact of COVID-19 conditions as much as possible for employees, customers, and the public, all employers must develop a plan for COVID-19.
On any given day, you see cars stopping across the street from 1717 Second Street in downtown Sarasota, Florida – people admiring new twin, 20-foot murals. The murals adorn the white stucco walls of the multi-tenant office building. Throughout the day, people take selfies with the vibrantly colored pop art honoring medical workers.
As many states begin setting schedules for lifting their COVID-19-related shelter-in-place orders, businesses across the United States are starting to think about what that means for the company. Make no mistake: experts predict the world will never be the same again after this pandemic.
If your organization is like most others, you have multiple team members in different locations or working remotely from home or another area. Whatever the case, these remote team members usually interact with your in-office employees, making it crucial to have systems in place to allow this communication.
Since COVID-19 is spread largely by people coming into close contact with one another (within 6 feet), apartment buildings and multifamily dwellings are at higher risk, with an increased risk of an infected tenant unintentionally spreading the virus to neighbors and other residents. This phenomenon is known as community spread.
Real estate premise expenses can consume as much as 20% of revenue for many businesses, making it one of the top operating costs. It is therefore no surprise that in these times of uncertainty, tenants are looking for short-term liquidity from their long-term lease commitments.