Among the many widespread and immediate impacts of the pandemic, the economic hit has been unlike any other. In such unprecedented times, many employers shifted to work from home models in a bid to stay afloat while protecting their employees.
According to a Gallup survey, almost 62% of Americans were working from home in April. As we enter 2021, many organizations will need to repurpose their workspaces. We see a return to normalcy by the end of the first or second quarter as the vaccines might be accessible.
Remote Work Trends for 2020
In 2020, employees were apprehensive about returning to the lives they led before the pandemic. With over a thousand essential health workers losing their lives due to the pandemic, non-essential workers have been reluctant about returning to their offices.
While research has backed claims that remote work tends to make workers more productive, managing a healthy work-life balance can be challenging for many. A lack of boundaries and burnout may encourage employees to look for alternative work opportunities.
With employers and employees stuck in this double bind, commercial real estate properties have been impacted. Let’s take a look at how.
The changing dynamics
Forecasts for commercial real estate transactions this year are $478 billion. While there’s been a decrease from the $500 billion transactions of last year, it’s still a representation of the viability of commercial real estate properties.
With businesses looking to regain their footing. The good news is that CRE property transactions are only expected to rise. Now that we’re past the suspensions, delays, and halts that plagued much of 2020, most industries are looking to return to normalcy.
Standard operating procedures will have to be put in place in all offices and workplaces to safeguard employees. Amidst structural changes that require sanitization booths and regular disinfection, employers must also consider social distancing measures. As recommended by health officials, maintaining a 6-feet distance between work stations is necessary to ensure everyone is safe.
Until the vaccines are fully accessible, most companies are likely to switch to a hybrid model in 2021 like Google and other top companies. This growing need for changing office layouts and larger spaces means there’s a demand for different CRE properties. Companies that have limited space or amenities to accommodate these necessities will look to relocate.
That’s where FSBO Commercial comes in. As a leading realtor for commercial real estate properties in New Jersey, New York, and Pennsylvania, they provide some of the best offers and deals on the market. Find premium listings for businesses and companies for sale by owners, including convenience stores, gas stations, beauty salons, and more. If you’re on the lookout for office buildings or retail spaces, contact FSBO Commercial for more information.