COVID-19 and Its Impact on Commercial Real Estate

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For the past year, the COVID-19 pandemic has changed the way many businesses operate and how people engage in society. And when it comes to commercial real estate, the impacts have been felt everywhere. Whether the property is in the retail, corporate or industrial sectors, the changes created by the health crisis are significant. As one of the top commercial real estate agencies in Arizona, we’ve highlighted examples of how commercial real estate has been affected by the pandemic.

 

Medical Real Estate is Adapting to COVID-19 Needs

As physicians reopen their practices, they are updating protocols to ensure their patients have a safe space to receive proper treatment. This may involve complying with government mandates, increasing the frequency of office cleanings, and issuing COVID-19 screenings. Telehealth is another option for physicians; like working-from-home, it promotes safe social distancing while still being conducive for proper patient care. As more physicians adopt this practice, many are updating their commercial real estate spaces to accommodate new procedures for care.

 

Corporate Commercial Real Estate is Adapting to Flexible Workspaces

During the COVID-19 crisis, many companies launched new initiatives to keep their staff and clients safe. This not only has led to work-from-home orders, but it’s pushed businesses to adopt new office designs. Many are utilizing more open floor plans that promote social distance standards. Other companies are utilizing an indoor/outdoor design so people not only stay six feet apart but can enjoy being outside. With many employees working from home, offices are updating their conference rooms and technology to collaborate from a distance.

 

Retailers Are Looking for New Ways to Deliver Products

The internet has played an integral role during the pandemic for consumers and retailers alike. It’s allowed people to make purchases while practicing social distancing, and it’s given businesses the opportunity to continue earning revenue. Many retailers are redesigning their retail real estate property to ensure customers — online and in-person — have a safe, easy way to shop. Businesses have begun offering in-store pickup and curbside delivery to provide a way for people to get the supplies they need. The convenience of these delivery options has been successful and many believe they will continue once the pandemic has settled

 

Warehousing Commercial Real Estate is Thriving

According to Investopedia, warehousing related to e-commerce, self-storage, and retail is surviving and thriving. These industries are using warehousing automation to help with inventory counts and enhancing operations. With people primarily buying products online, companies are needing the extra storage and automation to facilitate their inventory. The warehousing sector has been their source for commercial real estate solutions.

 

Commercial Real Estate with Plaza Companies

For almost 30 years, Plaza Companies has offered their clients full-service commercial real estate assistance. We specialize in leasing, management, construction and development of new innovative properties to fit every client’s needs. In today’s COVID-dominated world, we’re here to ensure clients’ properties run efficiently during this uncertain time. Contact us today to learn how we can help you.

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Whether you are looking to us for management, leasing or development services, we can help you find the perfect space. With almost 40 years of experience, you can trust Plaza Companies to assist you with your real estate needs.

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