The COVID-19 pandemic has impacted markets, individuals, and economies globally in several ways. We have seen sectors react with different mechanisms, and the real estate sector has definitely witnessed a major shift. In this piece, we will share the top 3 key takeaways we can learn from the real estate market.
Diversification of Investments — we have seen many developers who generally just invest in residential or commercial real estate, but this crisis has allow them to see the importance of looking at other directions, and spread their investments industrial, health, warehousing and other segments,
Real Estate Consumption Models — Now is the time to build proper project feasibility studies. Developers have to learn to create economically suitable projects that cater to every budget. Additionally, real estate investors and developers have to reevaluate strategies as it relates to immediate, short-term and longer-term opportunities.
Witnessing the Power of Data — It was the right time to understand the importance of data. We have witnessed the power of being present digital, gathering online data and making decisions based on that. That shift has supported developers in predicting and managing situations to generate insights that can be utilized for taking informed location and leasing decisions.
Have a Response Plan Ready for the Future— No one was prepared for this pandemic, but every corporate has learned to have a crisis and response plan that involves preparedness, protection, monitoring and communication.
Where can you find more resources on the real estate market during this time? We suggest checking out research reports and insights shared by CBRE, Cushman & Wakefield, JLL and Moodys.