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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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