Commercial real estate firms are beginning to implement lessons learned from the COVID-19 pandemic and create targeted measures to emerge stronger in the medium-term, according to Jim Berry, U.S. real estate leader at Deloitte & Touche LLP.
The demand for office sector space going forward will be shaped by two main factors—densification and remote working, according to Danny Ismail, senior analyst at Green Street Advisors.
In a video interview in conjunction with Nareit’s REITweek 2020 Virtual Investor Conference, Ismail said the trend toward densification, or shrinking the office footprint while adding more employees, is likely to reverse in the future and actually be a benefit to office demand.
Jay Brown, president and CEO of Crown Castle International Corp. (NYSE: CCI) said increased consumer reliance on communications infrastructure as a result of the coronavirus crisis, the build-out of 5G platforms, and the development of edge networks are all factors expected to support the REIT’s future growth.
The latest retail sales data point to a continued role for brick and mortar retail once the coronavirus crisis passes, according to Nareit Senior Economist Calvin Schnure.
Speaking May 18 on the Nareit REIT Report podcast, Schnure noted that the more than 8% rise in non-store retail sales in April, which includes e-commerce, was unable to offset the overall decline of 16.4%.
Hudson Pacific Properties, Inc. (NYSE: HPP) is preparing to welcome tenants back into its buildings by implementing new standard operating procedures across its portfolio, touching on everything from enhanced cleaning to increased signage and physical distancing policies.
Nareit Senior Economist Calvin Schnure said that while the April jobs report was “clearly a shock to the economy,” the bulk of job losses were confined to a few sectors facing complete shutdowns.