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How The Commercial Real Estate Market Is Opening Up New Opportunities
Recent bumps in the massive commercial real estate market is opening the door for new opportunities. Rough waters caused by rising interest rates and dropping office space demand could lead to serious consequences for this market. Office demand has dropped significantly due to the pandemic and the rise of remote work leading many employees to spend much less time at the office. Employees are spending 25% to 35% less time in the office today as compared to before the pandemic. Office vacancies have also started to rise – in the San Francisco area office vacancies have more than doubled since before the pandemic. Office prices across the country have fallen by over 17% with an even larger drop alongside an uneven recovery still very possible.
Even though office spaces may be low right now, institutional investors know that commercial real estate as a whole is still very strong. The distress and dislocation in the market opens new buying opportunities that many are jumping on. In Manhattan, luxury retail brands such as Givenchy, Hermes, and Gucci all acquired new retail spaces. Another technique that some commercial real estate professionals are using to get the most out of their time, money, and effort is selling a business alongside its properties. Selling a business with property together helps avoid lag between deals and dodges paying twice for certain fees, such as closing fees and appraisals.
Learn more about future trends in the commercial real estate market and new opportunities soon arising here.
Source: ChessRealtors.com
