June 4, 2020
It’s no surprise that the Coronavirus (COVID-19) has shaken up the real estate market in Connecticut and New York. The market disruption has affected everything from the average person’s ability to pay the rent on their home to millions of people leaving offices and working from home instead. The virtual standstill of tourism and recreation has deeply affected hotels, restaurants, and entertainment venues. These are just a few examples of how people and businesses have been forced to change how they occupy, pay for, and operate real estate in CT and NY.
Currently, CT and NY retailers are struggling with stifling lease obligations on stores that cannot operate at full capacity or at all, in some cases. Investors are suffering after investing billions of dollars into student housing only to find an unprecedented, long-term closure of schools. Companies like Facebook are looking at cities around the US to serve as local hubs that will support many of the workers who will now be permanently working remotely. There is a shrinkage in demand for commercial real estate in these and other industries.
It’s not all bad news, however. Warehousing and distribution centers are booming as more people than ever are shopping from home and opting for delivery to their doors. Technology companies that have made the quick pivot to accommodate the new modes of operation are also faring well. For example, apps that provide property owners the ability to give virtual tours and allow remote access to buildings are in demand, and data centers that offer cloud-based services to remote workers are growing at lightning speed.
For those in the real estate industry, there are a variety of projections concerning not only how well this sector will fare, but also how real estate professionals, buyers, and sellers will go about their business on a day-to-day basis. For example, to maintain social distancing guidelines, many agents and investors have leveraged technology to facilitate meetings, negotiations, and more, which allows them to cover more ground and connect with more people than ever before.
There will also likely be a shift in terms of in-demand features and functionality. For example, buildings equipped with the technology to facilitate remote workers securely, those with remote-operating features that allow for contactless deliveries and client meetings, and redesigned office spaces that allow for physical distancing are likely to be the ones that are snatched up the fastest.
Most of the experts disagree on the degree of change we may experience in the near future and the long-term. Some are predicting vast, sweeping changes, while others suggest that the post-COVID future may not be tremendously unfamiliar. However, most experts agree that any changes that were already in process – such as the shift to paperless, contactless transactions, and the push for flexible workspace – are likely to speed up even if more radical changes do not come to fruition.
What’s also likely to be of significant importance to real estate investors is choosing a full-service commercial real estate firm with the agility to adapt to rapidly changing market conditions. It will also be essential to select a firm that has experience working in the market in which you are considering investing as the differences between different geographical regions is likely to grow.
At Rakow Commercial Realty Group, we offer our clients the service of a large firm with the personalized attention of a small team. We have been representing tenants, buyers, owners, and sellers in the New York and Connecticut areas for more than 30 years. Our expertise is vast: we have decades of experience representing all types of property from every side of the table, negotiating the best terms for our clients, and providing comprehensive financial analyses to help our clients make smart business decisions.
When you’re ready to partner with a forward-looking firm with 30 years of successful experience to bring to the table, it’s time to contact RakowGroup.
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