For the last year, the COVID-19 has been on top of everyone’s mind. It’s changed just about every facet of our lives and has forced businesses to adapt to the situation. In terms of real estate, the health crisis has not only forced the industry to change how it operates, but it’s opened new opportunities. As one of Arizona’s top commercial real estate agencies, we’ve seen first hand the changes being made in the industry. You can read more about these trends below.
Influence on Flexible Hours
According to In Business, businesses were already adopting more flexible hours before the pandemic. With many employees now working remotely, industry leaders expect companies will continue to offer more leeway when it comes to their hours. A study by Gartner, Inc., found that 74% of CFOs and Finance leaders said they would move 5% of their on-site employees to permanently remote work. Real estate agencies may see companies downsize from their larger offices to save on money and move into a more fitting space.
Virtual Real Estate Tours Are Here to Stay
To keep prospective tenants, current tenants, and employees safe from the COVID-19 pandemic, many commercial real estate agencies are adopting virtual tours. This type of tour is exactly how it sounds, it’s much like a tour you’d have in-person, but online. This helps brokers continue their operations and allows prospective tenants the ability to get a deeper look into the property. Due to its convenience and accessibility, many real estate management companies may continue to offer virtual tours as an option.
Shared Work Space Will Be Stronger
According to Entreprenuer.com, the shared workspace industry has been hit hard by the COVID-19 pandemic. But, it’s anticipated that this type of commercial real estate may see a surge in members as more companies shed their own office space in favor of remote work. While some shared workspace companies may close their doors for good, the ones who make it out of the pandemic may see favorable results.
Medical Real Estate Will Remain Busy
It’s safe to say that many healthcare providers have been extremely busy this year. As a result, the medical industry has looked into new innovative ways to offer its services and shift its operations. As a result, many healthcare professionals are offering telehealth services to keep patients and staff safe. Furthermore, many medical offices have been able to identify issues with their property and are planning to adapt. According to REjournals, the pandemic has given them the ability to have a long-term plan to invest in real estate.
A Portfolio of Opportunity with Plaza Companies
With almost 40 years of experience, Plaza Companies has made a name for itself as one of Arizona’s premier commercial real estate agencies. We have a large portfolio of properties built for clients in a number of industries. Contact us today and we will help you find the right space for your business.