The COVID-19 pandemic has dramatically slowed national economies around the world. While few industries have escaped entirely unscathed, none have been hit as hard as the global commercial real estate sector. The second quarter of 2020 shows a dramatic decrease in commercial real estate transactions, with some data mirroring 2008’s global financial crisis. Despite some alarming data being discovered by experts, opinions are somewhat diverse regarding what data trends mean for the next several years and what hopefully is a post-COVID-19 world.
Harnessing the power of big data is a game-changer in many industries. While some industries have a long history of harnessing big data, real estate has only started. In just a short period, big data has begun to revolutionize commercial real estate.
Climate change continues to remain a popular topic for a good reason. Environmental concerns persist in nearly every industry. As we make positive changes to reduce and reverse the harm, considering how we can implement greener practices and standards in every aspect of our lives and societies will be essential.
Before the pandemic gripped the world, e-commerce had already begun to influence commercial real estate in a significant way. With digital storefronts competing with the traditional brick-and-mortar institutions, e-commerce has been rising in popularity due to its flexibility, diversity, and simplicity.
Early projections regarding the commercial real estate market during the pandemic were optimistic. Over time, the market has become more volatile than perhaps initially expected. Still, as we approach an end to the pandemic, predictions of how the market will fare are tentatively promising. Other real estate areas may not perform as well, given the circumstance, and CRE will likely see some discrepancies across its diverse property types.
Even before the COVID-19 pandemic sent millions of workers to work from their homes, remote work had begun to rise in popularity among workers and business owners alike. While there are certainly several benefits to traditional office environments, remote work can benefit companies in terms of finances and productivity.
As a result of the ongoing pandemic, the global real estate market has taken a significant blow. The Middle East is no exception. While the novel coronavirus has undoubtedly taken a toll on real estate development projects in the region, when it comes to planning development projects for the future, several influential ideas are guiding broader trends.
As a result of the pandemic, China’s real estate market has taken a significant blow. While their economy has begun to reopen and real estate development, sales, and other projects pick up steam, it is still uncertain what the future holds for China’s real estate market. Still, noting the existing trends that have influenced real estate development in recent years and assessing the pandemic’s impact should help shed light on how real estate development will look in other markets.
As environmentalism becomes more prominent in global conversations about the future, it is essential to explore and understand the options available to city planners and government officials to effectively implement and utilize various resources and strategies that promote sustainability. For urban development, whether building from the ground up or adapting an existing sprawl, there are numerous ways to approach expansion and growth with sustainability in mind.
The term infrastructure is often used to describe how society can expand its manufacturing, services, and trade. Bridges, power plants, water supplies, and treatment facilities are all part of an area’s infrastructure, but it is no longer enough to profit economically from these projects. There is an increasing need for greener initiatives to protect the welfare of the planet as well. That’s where sustainable infrastructure comes into play. By overlapping the elements of the environmental, economic, and social needs of a community, you achieve sustainability.