Commercial Real Estate Needs in the Upcoming Year
Commercial real estate is constantly facing new challenges this year as companies try to figure out how to navigate a future moving towards full-time remote work. In these unprecedented times, it is hard to anticipate what businesses will need from their office spaces, and what people are looking for in their housing. We do know, however, that those needs will drastically change the real estate market. Here are a few of the biggest factors affecting commercial real estate in the coming years.
Subleasing Office Space
As more and more people are working remotely, home offices are becoming a necessity. While some people are able to work from their homes, many are finding their homes too small or too noisy. Others simply find it too hard to stay on task in the comfort of their own house. Subleasing private office spaces, or a cubicle in a group workspace is going to become more popular as more and more companies switch to full-time remote work.
Investing in Property Maintenance
Sanitizing and cleanliness is an even higher priority than usual among employees who are unable to work from home. Commercial real estate owners need to be more vigilant than ever about maintaining their buildings and the grounds around them, especially when showing vacant lots. People won’t want to rent out office space that looks like it might put their employees in unsafe conditions.
Expanding Rental Amenities
With people spending significantly more time at home, amenities are more enticing than ever. Being able to offer pools, fitness centers, dining, etc. will boost traffic and quickly fill up vacancies. In addition, offering free high-speed internet, or waiving late rent fees will encourage those struggling to resign leases and spread the word to others.
Supporting Remote Work Infrastructure
Employers with large amounts of telecommuting employees need solid tech support to handle large amounts of internet, data, and streaming use. Updating a building’s electrical infrastructure and security measures to prevent data breaches is imperative. More than ever, businesses are not able to tolerate a building with run-down wiring and electrical issues.
The future is uncertain and can be scary. There are a lot of unknowns about how it will look, but we do know that the changes happening this year will affect commercial real estate for many years to come, and perhaps indefinitely. It’s a good idea to get on board now, be adaptable, and make changes as quickly as possible to avoid falling behind.