The Impact of COVID-19 on Commercial Spaces
Covid-19 is likely to bring structural changes to the commercial property market for years to come. The impact is currently negative for the retail and office sector but positive for logistics where housing and industries relate to e-Commerce. The shift in office based culture due to the pandemic is denting valuations of office buildings and rents. These trends are expected to continue for two further years. Architects, developers, pension and other investors are grappling with ideas. A solution is desperately needed.
Working from home has become the new normal and although many enjoy the benefits of a more relaxed, flexible working environment there are some negative consequences. Many workers report difficulties working from home, juggling work commitments and family life, particularly with the added stresses of home schooling. Whilst communication technology has enabled virtual meetings and conference calling, there is no substitute for those all important direct interactions with colleagues and clients. Providing a safe working environment is vital in order to sustain the commercial property market, help businesses survive and grow and ensure the ongoing health and wellbeing of workers.
