BOMA, Yardi, Brightline Partner to Study COVID Impact on CRE
The Building Owners and Managers Association (BOMA) International, Yardi and Brightline Strategies formed a strategic partnership to field three, nationwide commercial real estate COVID-19 impact studies. The rolling research program is designed to assess the latest in tenant decision-maker sentiments relating to COVID-19, as well as the pandemic’s impacts on their businesses and attitudes towards the physical work environment.
The studies’ findings are meant to illustrate how these perceptions and beliefs affect real estate decisions and their implications on perceived value of office space and utilization, relocation and renewal likelihoods, rent premiums, future vacancy rates, portfolio risk exposure, and return-to-work positioning, programming and practices.
In a joint announcement, the three organizations say the goal is to provide real estate investors, owners and operators predictive models on market and portfolio resiliency over the next six to 24 months based on the dynamics shown to affect the performance of commercial assets both positively and negatively.
“COVID-19 is potentially the largest disruptive force facing the commercial real estate industry and its tenancy in our lifetimes,” said Henry H. Chamberlain, president and COO of BOMA International. “The opportunity to gain timely insights into space considerations and planning from a wide swath of tenant decision-makers and influencers will be of tremendous value to BOMA members and the broader commercial real estate industry.”
Underwritten through a grant from Yardi, the first study will begin fielding in August and is expected to close by month’s end, with results to be issued in September. The second study will be conducted in mid-fourth quarter, with the third and final survey in the series tentatively scheduled to run in February 2021.
“This research will provide deep customer insight for property owners, and hopefully spur innovation like improving COVID-related building health to accelerate reopening,” said Robert Teel, VP, global solutions at Yardi. “In most times of rapid change, opportunities for growth also tend to follow the first steps of recovery. We feel this series of surveys could potentially highlight new initiatives and investment opportunities throughout the year.”
Michael Broder, president and CEO of Brightline, said, “These studies not only identify the critical factors impacting future occupancy but also provide the data to model likely outcomes across markets, in a specific portfolio and/or asset, or on a tenant segmentation basis. We look forward to sharing these important insights in the near term.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
Connect CRE News
Your source for daily news covering CRE transactions and trends. Stay informed on national, regional and property sector news that matters to your business.
Connect Events
Whether digital or in-person, Connect Events set the stage to bring together relevant content with CRE’s most active players to engage, influence and inform.
Connect CREative
A full-service marketing agency dedicated to CRE clients. Combining our CRE background with our team’s business, marketing, communications, technology, to develop and execute comprehensive strategies to create, build, and and grow successful brands.