The world dramatically shifted over the last year. Most Americans faced the trials of a global pandemic that affected our health, homes and many industries. And luckily, by July of 2021, we’re experiencing a glimpse of normalcy as more vaccines roll out and states continue to reopen.
However, many business leaders are looking forward to the future and understand that the pandemic leaves a lasting impression of what the future of commercial properties looks like for blooming companies and current property owners.
The Current Outlook
As most businesses shifted to remote work, there was an obvious surplus in office spaces across the country. However, some real estate professionals predict the rise in remote work means more renovations from office to residential developments. It could be an excellent opportunity for high-populated cities to rework their current spaces into more affordable housing instead of starting new projects from the ground up.
There is also a conversation that companies investing in offices will shift their priorities in terms of much higher-quality spaces versus having larger buildings. But for that shift to begin, many buildings would have to have special considerations based on the state guidelines as well as any limitations for resident living within the city. In some cases, it may be financially impossible to convert certain locations.
While it remains unclear if more projects will start from the ground up or start the conversion as a substitute for the future of commercial developments. It only makes sense as the pandemic comes to a slow close and business owners see where the vacancies are. If a project manager finds viable land that aligns with a community’s zoning, it may offer new options to existing spaces.