The New Normal: Commercial Real Estate Market Trends to Watch

As organizations look to reopen their doors in 2021, the commercial real estate market will continue to evolve to meet the “new normal.” With vaccine rollouts and restrictions being lifted across the country, many companies are already welcoming employees back to the office. That also means increased foot traffic and the potential for new businesses to open in prime retail locations. However, research shows that up to 47% of employees would consider leaving a job if it didn’t offer a hybrid work model as an alternative to the old 9-to-5. Here are some “new normal” trends to keep an eye on as businesses reopen.

The Move to Rethink Workspaces
The hybrid office concept has been around since the 1980s, but it has never been widely tested until now. In a hybrid environment, workers split their time between home and a corporate office. But instead of a traditional office space, the hybrid office becomes a “culture space” where open collaboration areas and meeting rooms take the place of cubicles and private offices. They’re more like coworking spaces designed to be creative hubs that foster teamwork and social interactions. With so many people reluctant to return to traditional office life, landlords and tenants can work together to reimagine spaces and create an office environment people will enjoy.

The Need to Evaluate Tech Needs
In today’s post-pandemic world, people are accustomed to being online more — whether it’s for work or entertainment. The commercial real estate market, regardless of the type of business, will see an increased need for bandwidth and connectivity. From upgrading cables, to increasing the number of power outlets or charging stations available in a building, most commercial property owners and tenants will find themselves needing to evaluate technology before fully reopening their doors. When it comes to keeping track of the latest advances in building technology, enlisting a partner like Belvoir can help you find and implement solutions that fit your space.

The Shift to Look to the Outdoors
Outdoor seating isn’t just for restaurants — although most restaurant owners have either built outdoor spaces, or wished they could, to keep their doors open during the pandemic. In the new normal, people want to spend more time outdoors. The Outdoor Industry Association reported a nationwide spike in interest in outdoor activities during the pandemic, and that trend is likely to continue. Whether it’s outdoor dining or small greenspaces where people can sit for a moment or meet with friends, people appreciate having access to outdoor seating.

With many people still feeling uncomfortable in crowds, landlords and tenants can work together to evaluate existing spaces and turn them into places that everyone will feel good about. If you have questions about post-pandemic real estate trends, or you’d like to talk through ideas on updating your space, please feel free to give us a call! Our team is keeping up with the latest research, and we would love to help you welcome people back into your spaces.

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