Commercial Real Estate: Moving Forward After…

Changes have been slowly underway in the archaic industry of commercial real estate, but no one could have predicted the Armageddon which was 2020. I had been a staunch believer that a downturn would create a boom for flexible real estate operators, as uncertainty would surely drive demand for short term commitments. What I could never have imagined was the reality that the Coronavirus pandemic created. This was not a typical downturn like the industry has experienced time and time again. The pandemic created a complete and abrupt stoppage to commercial leasing activity. Literally, all leasing activity grinded to a halt and everyone stopped coming into the office. Even old school thinkers like myself, those who believed that remote working was the death of productivity, started to see the euphoria of a 5-second commute, instead of the 4 hours I traveled everyday into and out of NYC. As much as I believed in the future of Flex, I never saw a future where commercial landlords would experience disruption on the level of Blockbuster video. I was wrong. The world has changed forever. Even when the vaccine brings an end to the pandemic, and I believe it will, the future will never be the same.

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