Source: Biz Journals —
The commercial real estate industry has experienced dramatic change since the onset of the pandemic. Remote work impacted the demand for office space; a surge in e-commerce was a boon for the industrial market, yet a damper for retail; low vacancies caused hotels to cut capital expenditures; and supply chain disruptions and materials shortages delayed multifamily projects and made them more expensive to build.
Amid these disruptions, which affected different regions of the country at different times, commercial real estate developers and investors have been resilient. To keep projects moving forward, they’ve accelerated the adoption of new technology, created more holistic risk management strategies and embraced the changing nature of office space.
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