No one can forget the global pandemic’s impact rocked the world’s economic and commercial landscape. According to Yelp, 60% of businesses faced complete closure in the office and terminated operations while the pandemic lasted. Other companies took advantage of remote and hybrid work strategies and maintained operations while upholding compliance with COVID protocols.
Competition in the commercial and industrial landscape is rife. Overall 2020 was a very rough year for both tenants and landlords. Unfortunately many businesses closed, inherently meaning less rent paid. Commercial real estate in cities initially took a huge hit, but is on the rebound. As we attempt to push past COVID-19 there are things commercial real estate owners can do to increase the values of their properties.
Last year saw the commercial and corporate industry placed on a halt due to the pandemic. While some businesses were struggled with operations and were eventually forced to shut down operations, others implemented strategies that made them thrive even more. Now businesses weigh when to reopen or if their returns should be delayed.
Halfway into the new year, the after-effect of last year’s pandemic lingers. We remember how it brutally rearranged the economic and corporate landscape of businesses across the world. Business summits, product launches, and everything in between was placed on hold while everyone remained indoors due to lockdown protocols.
The global pandemic which ravaged the world last year transformed how we carried out our businesses. While we can not ignore the negative impacts COVID reflected on most businesses, it also fostered some positive outcomes. The Post-COVID return to the office will see these changes implemented.
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