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Sustainability is both an opportunity and a necessity for the commercial real estate (CRE) industry, which increasingly leverages it to serve people and future possibilities.
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Millions of Americans move each year, but in the post-pandemic era something has changed: the workplace has evolved, and with change there are now new opportunities for both organizations and employees. One result is that people are in motion, moving from one metro area to another, often in search of a better work-life balance. In fact, Redfin reports that in the second quarter more than 30 percent of its website users searched in different metro areas.
Remember when cubicles were all the rage? Office tenant preferences have changed over the years. Today, tenant satisfaction has been redefined as a result of the COVID-19 pandemic and dramatic changes in the labor market.
Like most of the commercial real estate (CRE) market, office came under pressure in 2020. Responding to local shelter-in-place health orders, up to 70% of the U.S. workforce was working from home (WFH) in April 2020, transforming once-bustling office buildings into ghost towns. That percentage has decreased to 56% since the beginning of the year, signaling a recovery is underway. The extent of that recovery and what it means for office real estate is still unknown, but there is some speculation.
There’s little doubt that COVID-19 has changed the future of commercial real estate. As the pandemic ebbs, we’re now left with the question of how best to satisfy the needs of a newly emerging marketplace. One answer is to take a fresh look at amenities, the happy office features central to employee acquisition and retention.
The ongoing pandemic has turned many industries upside down. But in an interesting twist, experts say the multifamily space has navigated the crisis surprisingly well when you consider how things started.
The focus on Environmental, Social and Governance principles drives value for a long list of stakeholders, including commercial real estate investors.
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