The northeast United States was the first to bear the brunt of the coronavirus pandemic, and now more than six months after New York, Massachusetts, Maryland and other states enacted business and public gathering shutdowns, we’re taking stock of how the commercial real estate industry has adapted to this “new normal.” How we use buildings has never been under greater scrutiny, given the virus’s ability to exploit crowded, enclosed spaces. Coupled with the pandemic’s economic affects and the social unrest that has changed communities across the nation, everyone in real estate has had to adapt.
In my role as president of CORFAC International, a global network for independently owned commercial real estate firms, we’ve had to revamp how we connect, share best practices and arrange cross-market deals between our members, but we’ve also learned a great deal from each other over months of virtual meetings. Our member firms have seized the opportunity to change how we operate quickly, but with longevity in mind. We’ve quickly embraced video and 360-degree photo technology for listings and invested in digital tools and marketing to reach clients. At the same time, with U.S. companies at different stages of reopening, we’ve had to grasp our clients’ unique needs to guide them through decisions. Clients are considering how implementing social distancing in their current space will work and affect their office culture. If they need to move, they must balance how a choice made now can be adapted post-pandemic.