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Counselors of Real Estate See Sweeping Changes in Space Use Ahead

Many new space-related ideas, solutions and procedures have been born through the COVID-19 pandemic and will remain a part of society even after the pandemic subsides, the Counselors of Real Estate reported. The group previously ranked space utilization seventh among its annual ranking of the top 10 issues affecting commercial real estate.

According to the report, commercial buildings’ use, location, mechanical infrastructure and interior configurations are under stress. High-rise, urban core buildings will suffer in the short term, while more suburban office blocks will experience reinvestment that has long evaded them.

The report says the clear beneficiaries from this crisis appear to be technology companies and e-commerce providers. Meanwhile, the Counselors predict that classic retail formats and retailers won’t recover and require creative re-use or fundamental redevelopment.

In that respect, the pandemic is “catalyzing change, rebuilding, and transformation on a scale not seen since the end of World War Two.”

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.

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