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  • By Joe Latina

Lacking Crystal Ball, CRE Preps for Cloudy Retail Future

The global economy has been wracked by the COVID-19 pandemic, and no one yet knows exactly what the recovery will look like – or even when it will begin in earnest. In the meantime, the commercial real estate industry has found a way to work in this new normal. After a very busy fourth quarter, during which it was difficult to keep up with all of the requests and showings, optimism and activity carried into the early months of 2020. We then hit a wall when the novel coronavirus began a community spread in the U.S. and states across the country enacted stay-at-home orders that closed nonessential retailers and office buildings, forced restaurants into takeout only mode, and halted public gatherings of any kind. Commercial Real Estate, a business built on face-to-face meetings and handshakes (which may be taboo permanently), has had to adapt to the new social-distancing recommendations. We have transitioned to online meetings, virtual tours, and social media marketing. Some of these changes will likely stick around as we gradually transition back into reopening. The use of advanced technology –like virtual reality or drone videos – could become commonplace, which should bode well for younger brokers who are digital natives. READ MORE

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