Is the Construction of Commercial Real Estate on the Decline for Good?
COVID-19 has affected just about every industry in some way or another. One way it has affected the commercial real estate industry is in the lack of new properties being built. This is in large part due to the fact that companies are finding ways for their workers to work remotely, and they are unsure of their need for office space in the future.
How does the construction industry – and the fund control community – deal with this? There are a few ways that the industry can change to meet tomorrow’s demands. Take a look at what we’ve seen the experts suggesting and contact ECL Software at 800-625-5972 to learn about innovative construction collaboration options.
Buyers and Lessees Need More Flexibility in the Spaces They Use
It was once standard for executives to have private offices. In recent years, open workspaces for all or most employees have become more common. In the future, we see more co-working spaces for employees who are only in the office part-time. We see more innovative conference rooms that allow the attendance of people working from home. In short, we see these properties being much more flexible.
Commercial Real Estate Developers Need to Ask Different Questions
As companies develop commercial real estate, they need to be asking different questions. The main question on everyone’s mind should be: “Are we making it better to come to the office than to stay at home?” That is the only way we are going to see people choose to work at the office – if they feel that it is a better atmosphere than at home.
More Space Per Person Needs to Be Allocated
Even as people are vaccinated and the worst of the pandemic is behind us, for the foreseeable future, there will need to be options for social distancing. More space both inside and outside is important, as are new green urban spaces that help people feel calmer.
Outdoor Experiences Will Rule
In 2021, more people than ever before are aware of how disease is spread. As a result, we expect to see more people looking for patio experiences, pedestrian experiences, and outdoor options all around. Commercial real estate developers would be wise to work in conjunction with this – not against it.
Older Commercial Properties Can Be Redeveloped into Residential Properties
There are cities throughout the country in which many workers would find it impossible to live in the places they work. One potential solution to lessen this gap is to take older, c-level commercial properties that are not bringing in clients and convert them to residential spots.
If you are looking for innovative ways to handle construction communication, fund control, and much more, let ECL Software show you how we can help. Contact us now at 800-625-5972 for help.