Has COVID-19 Made Office Buildings Obsolete? COVID-19 has profoundly changed many aspects of our society, and commercial real estate is still feeling the effects.
The COVID Real Estate Recession
All activity in the commercial and residential real estate markets temporarily paused at the start of the first wave of the virus. The impact, however, has been far longer lasting in the office sector. Property owners are still trying to attract tenants, who had quickly realized they could work entirely from home, back to their original office spaces.
Redesigning Traditional Office Spaces
During the pandemic, employees learned they were just as efficient working from the comfort of their own home and building owners were left scrambling to find ways to make the office more appealing than staying in your PJs. Today, many landlords are infusing capital into their properties to elevate outdated finishes and create desirable amenities such as gyms, outdoor terraces and patios, and larger kitchens with trendy food and drink options.
Property Managers Challenged with Vaccination Mandates
On top of a changing physical environment and new leasing structures, property managers and owners are tasked with enforcing vaccine mandates. Or are they? Navigating legal issues, personal rights, and labor union demands when it comes to the push for immunization has become an animal of its own and a new challenge for commercial real estate owners.
Returning to the Office
Working from home can seem ideal, but employees are beginning to understand that isolation and Zoom meetings have challenges in their own right. Office buildings everywhere are coming back to life; they just might look slightly different than they did two years ago.
Contact Steve at WeBrokerCORealEstate or 720-600-9513 to discuss any of your commercial real estate needs in Longmont, CO and our neighboring communities.
