Amid the pandemic, CORFAC brokers found a haven in the industrial sector, according to a newly issued survey of the network’s members. Nearly three quarters of respondents said that the industrial and manufacturing category was the biggest driver of business for their firms in the last six months of 2020.
Taken in early 2021, the survey found that after a tumultuous year caused by the pandemic and related economic downturn, CORFAC brokers have adapted their business practices, sought out new areas of opportunity, and entered 2021 with measured optimism about the year ahead. Some other key findings include:
• About 70% of responding firms invested or implement new technology platforms, such as 3D tours or drone photography, to address the challenges of the pandemic.
• In terms of new business opportunities, 63% of respondents said they’re coming from current clients who are expanding. Fifty-one percent said the opportunities are due to current clients who are downsizing, and an equal percentage said new clients relocating to the market are driving opportunities.
• Asked what factors they expect to have the greatest impact on their businesses in the next six months, the top answers were: general economy recession (72%), vaccine rollout (60%) and local market challenges (46%). CORFAC members also brought up issues such as the return to work, adaptive reuse and lack of product as concerns for rebounding from the pandemic.
• Although some CORFAC members have already seen deal volumes stabilize, the vast majority expect this will occur in the third or fourth quarter.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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