COVID-19 has changed the way we live our lives. It’s also changed how we buy and sell property, both in the private and commercial sectors. While in-person tours haven’t gone away completely, they’ve been reduced and changed drastically, while virtual tours and listings are rising. Here are the ways commercial real estate has been changed by COVID-19 and how you can keep up.
Technology was already starting to take on a more significant role in most industries. However, COVID-19 has propelled that process even further. Real estate professionals are now using apps to their advantage. It allows them to combine all critical information about all of their listings in one spot. Each listing also includes visuals such as 3-D renderings, drone tours, and pre-recorded video tours.
Even with more and more people getting vaccinated, there are still new strains of COVID-19 popping up, which means we should still take precautions for years to come. Ensure the property is equipped with the latest air filtration technology and touchless payments in compliance with health and wellness procedures. After all, getting hit with an outbreak would be a severe hit to your property’s value.
In person, tours haven’t gone away completely, but they’ve changed drastically due to COVID-19. They’ve been mainly replaced by virtual tours using apps and drones, meaning the old-fashioned in-person tours are fewer and far between. When they do happen, they must take special care to ensure that they abide by social distancing guidelines.
Impact to Sub-Markets
Not all sectors of commercial real estate have been negatively impacted, however. Warehouses and sites related to e-commerce have thrived as well as grocery stores, pharmacies, and self-storage. They will likely continue their success as even after people are vaccinated, the commercial real estate market has seemed to have changed permanently.