Industry insights, market outlook reports and commercial real estate
news, and trends from the Coldwell
Banker Commercial brand.
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.
2020 marks the start of a new year and, perhaps more excitingly, a new decade. And while economic and real estate cycles do not revolve around the calendar year – aside from any actions resulting from changes in calendar year tax policy – it is still a great time to reflect on what real estate decisions were successful and which may require rethinking in the year(s) ahead.
Since CRE gives physical shape to the industries around us, it can change the game globally. We’re seeing this happen now in the country’s most popular tech-fueled metros. The commercial real estate industry is rewriting the script for hot spots like San Francisco, San Diego, Phoenix, Los Angeles, and many others.
As any commercial real estate professional will tell you, the industry has witnessed several changes, including economic impacts, industry trends, market challenges, and more. When looking at commercial real estate, it is crucial to focus on generational activity and lifestyle trends.
In today’s environment, many markets are experiencing rising downtown office vacancy and changing tenant preferences and demands. As such, landlords and building owners have to think outside the box regarding strategies they can implement to help fill space and keep their buildings occupied.