Global economies have been significantly affected by the spread of the COVID-19 virus. Many countries went on partial and total lockdowns translating to severe problems for many businesses. The real estate industry was among the hard hit by the pandemic effects, and the quest to find a lasting solution is real. With the unprecedented challenges faced in 2020, real estate professionals had to devise mechanisms that would enable them to survive even after 2020. While many people were encouraged to work from home, commercial real estate businesses had to develop solutions like virtual property showing while changing their centralized offices to remote working environments.
Although the pandemic seems to be subsiding and even the vaccine is produced globally, this deadly virus will impact the industry for months or even years. Notably, as some real estate investors, you must be prepared for the future since nobody knows what is ahead; we only hope for the best. While trying to put the pieces together and get insights from the right team, we asked 14 members of the Forbes Real Estate Council to give their views on industry trends likely to be seen. Here are some of the factors that are driving commercial real estate trends in 2021 and beyond.
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