After the pandemic hit, many real estate owners voiced concern about the effects on the industrial real estate market. Many businesses pivoted to remote operations leaving their office spaces empty. Consumers started completing more transactions online as physical locations got shuttered. No one knew how long the closures or trend towards remote work would last. Industrial Real Estate Still in Demand Despite concerns of industry experts, demand for commercial properties persisted. Companies survived the worst COVID offered and made adjustments to stay in business. The type of space businesses sought shifted from large office complexes to more industrial-style warehousing. Larger storage areas were in demand for companies to run their e-commerce operations. Developers met the demand by building new spaces or reconfiguring existing areas. Localities have supported development by adding needed infrastructure. Return to Office As people have learned to live with COVID, more businesses have started returning workers to the office. Some companies have decided that an in-office presence is essential to optimal operations. While many are still working from home, trends show more and more people going back to the office. More consumers are also visiting business locations in person. However, e-commerce is still robust, and the demand for industrial properties is not expected to wane. Check out some options at https://incocommercial.com/. Always Evolving The only sure thing is that businesses and markets evolve. The demand for properties ten years ago was different from the demand for industrial real estate today. Companies that survive can adapt to change and forge forward with a new business plan, including rethinking the space they need and how to use it.
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AuthorHello, my name is Roger Dennison and I'm a successful commercial real estate broker, with more than 20 years in the field. Archives
January 2023
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