The commercial real estate industry is changing, a change that started before the pandemic but has accelerated over the past few months.
Commercial real estate expert Skip Liebman, with Reece Commercial in Springfield, says commercial real estate can be broken down into three categories: retail, industrial and office space. All three are being hit differently by the pandemic.
“Warehouse space will continue to be strong,” said Galen Pellham, commercial realtor for Murney Associates in Springfield. “Retail will be going down some I think because of online shopping as far as big boxes. Offices may be going down some. But the population is growing so even though the whole market may be going down it will increase because of the overall demand of more people.”
Over the last few months, we have seen this in play. Major companies like Twitter moving many of their employees to a work from home model permanently.
Realtors in Springfield say they’ve seen this trend before the pandemic even started. Office space needs are getting smaller and smaller.
“Over the years they have decreased, decreased, decreased because more people are working at home,” Pellham explains. “So I think office space is being reduced because people are working from home by way of the internet and zoom.”
And while office space is hurting, retail is taking the biggest hit.
More people are turning to online shopping, which also explains why the industrial industry is booming.
Shipping demands have continued to increase which has caused many industrial companies to seek bigger space to accommodate. Business booming in the sector.
Source: KY3
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