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Buying Commercial Real Estate in a Post-Pandemic World - Reyes Law Group

Buying Commercial Real Estate in a Post-Pandemic World

It only took weeks for our lives to change in ways we could never have imagined. People could no longer shop and socialize without wearing a mask and keeping each other at a distance. A lot of nonessential businesses closed, only to reopen gradually and under the condition that they observe strict safety guidelines. Offices transitioned their workforces online and home delivery replaced eating out at restaurants. 

What does this mean for commercial real estate investment?

There’s no question that the pandemic has impacted the commercial real estate market. For the moment, at least, public and business demand for certain types of commercial spaces has gone down due to changes in consumer and worker behavior. They include open-plan office layouts, community workspaces, and shared accommodations like hotels.

It doesn’t mean that commercial real estate is an unwise investment. People will continue to need groceries, seek entertainment and diversion in shopping, and want face-to-face interactions at work. Instead, investment will have to be more strategic and account for the following changes:

  • Growing preference for more physical space. People are going to want more social distancing in their work and shopping environments.
  • Any public health amendments to building codes to reduce the risk of a future pandemic, which could affect the amount of enclosed space, required square footage per person, and even HVAC configuration.

Many consumers have adjusted their buying habits for certain types of products, preferring to order them online instead of travel to the nearest store. This trend can accelerate demand for industrial spaces like warehouses for storing large amounts of inventory, as e-tailers generally need three square feet of storage space for every square foot required by a brick-and-mortar store.

Business is still a fundamental aspect of society, but the way it is transacted has changed, at least temporarily. When those seeking to invest in commercial real estate familiarize themselves with the safety and spacing requirements presently imposed on business properties, they can seek and benefit from the right opportunities.

Who can help?

At Reyes Law Group, we understand how the pandemic has affected the commercial real estate market in Florida, and can provide the insights and guidance that you need to make an informed investment decision. We will also assist you in amending a commercial lease to account for changes in building and occupancy requirements. To schedule a consultation with Attorney Reyes, call 954-369-1993.

Reyes Law Group