Despite the widespread impact of Covid-19 on commercial real estate in 2020, new evolving opportunities are accelerating this industry in 2021. Commercial real estate is taking the lead in opportunities revolving around development, planning skills, capital investments to reshape lifestyles and work environments.
Adoption of Augmented and Virtual Reality
The impact of augmented and virtual reality technology on commercial real estate can be felt, not necessarily in a disruptive way, but in a powerful dimension owing to its uniqueness in the sector. Augmented reality brings unmatched advances in building user experience through two and three dimensions by letting prospective buyers, tenants, and developers experience worlds yet to exist. On the other hand, virtual reality technology is enhancing potential buyers and tenants to explore offices or buildings without leaving their homes.
Use of Drones
Lately, commercial real estate is one of the highly-rated sectors using drones in a comprehensive understanding of location and inspections in maintaining properties. On most occasions today, drones are used by real estate marketers, commercial tenants, and landlords as ‘virtual eyes in the sky’ to reach versatile areas like crawl spaces or rooftops. Deployment of drone technology is used to curb disasters but eradicate outsourcing experts’ costs often to inspect if buildings and offices are in intact condition.
Direct Government Subsidies
In 2021, the commercial real estate landscape is benefiting from a significant boost from government subsidies in projects that improve contracts and jobs. Currently, most governments have heightened the subsidies for business owners unable to cater to rent through forbearance agreements with commercial real estate owners. The government has considerably impacted the commercial real estate sector by changing eviction rules and rent deferrals.
We can’t deny that in 2020, everything was affected, from property sales and values to rental collection rates. However, in 2021 commercial real estate is developing at an unprecedented rate, and the time is now to look ahead. It doesn’t matter if this touches a developer, buyer, or tenant, but it’s crucial in 2021 to stay updated with emerging trends in this sector.