2020 drastically changed general trends and necessities for many different industries, and the commercial real estate market is no different. Whether it be virtual showings, marketing real estate online during an economic downturn, or the shift to remote work across the country, it’s clear that 2021’s marketing trends will continue to follow last year’s adjustments thanks to the COVID-19 pandemic. Here are some of the trends you should be prepared for as the year continues.
Remote Utility Management
One of the most important things about the COVID-19 pandemic has been social distancing and staying quarantined at home, resulting in an increased number of remote workers across the country. This led to an increased number of adjustments made to accommodate these changes, and in the commercial real estate market, that includes utility management. Companies need to effectively and responsibly manage information that is critical to how their business operates without having a central hub of operations to rely on. This means that companies will have to determine the health and safety of their employees while considering whether to maintain these office buildings.
Home Office Space
Homes are no longer just places that people go to at the end of their day to relax. Increased remote work and the necessity of office spaces led to value increases of said houses, many people needing to turn places in their personal space into an office or desk area to accommodate this change. While residential space has found increased value, office buildings across the country have had a detrimental effect.
Commercial Office Space
What’s the future of office buildings? As of the moment, no one can be sure—lockdowns still remain in effect until further notice, and even after the COVID-19 pandemic passes, it’s not likely that remote work will fade into the background. Businesses needed to adjust to their remote work business model quickly, and those that operate just as well in this situation may decide to keep the remote model rather than return to office buildings.
Shelter in place orders may have left office buildings empty, but multifamily buildings have increased tremendously in importance. People stay at home more now than ever before, and the want for on-site dining, co-working lounges, fitness centers, and more in apartment buildings has increased just as dramatically. While some commercial real estate properties are falling in need and value, multifamily properties are thriving.