The deadly pandemic has left commercial real estate at a crossroads as companies, businesses and individuals decipher how to safely return to a new normal or how to permanently revolutionize the way they will operate.
Subsectors in the commercial real estate industry that absorbed the initial brunt of the pandemic are returning to a volatile economic market. Some restaurants and retailers permanently closed their doors, while others are revamping the way they provide and deliver goods and food to consumers.
Most landlords and tenants have managed to reopen their doors for business, in part, because of financial assistance from the government such as the Paycheck Protection Program loan.
“Landlords received assistance so they haven’t really felt the stress over the last 12 months, not like they would if they did not receive the government assistance,” said Jeffrey Tucker, senior managing director brokerage and principal for Bradley Company. “We haven’t seen a lot of vacancies and the vacancies that were available are starting to fill in on the (Class) A centers because of continued growth.
