If you’ve made your career in commercial real estate, realtors in Oradell NJ have some news: the field is changing majorly! The COVID-19 pandemic has created great changes in our normal lives, including the way we use space and do business. With more and more offices moving online, retail businesses closing, and people afraid to visit shared spaces, what is a commercial real estate investor to do? Our expert real estate experts share the top three things your commercial real estate property opportunities.
1. Warehousing and Distribution
Many older, larger commercial properties are being transformed to meet the new shopping demands: Online! Companies like Amazon are actively seeking large properties to manage their distribution and fulfillment centers, which means that prior retail or commercial spaces are prime for reuse. Even some investors who have been trying to sell their property for years are seeing increased interest in these sorts of improvements!
2. Socially Distant Offices
Not all offices will be gone in the future. While over half of the US population has shifted to working from home at least part of the time, every job cannot be done from home (or, at least, it shouldn’t be!). For example, doctors and dentists still need to see patients in person to perform tests or procedures, those who work with very small children for speech or mental health services need to be able to physically interact, and many personal care services require a special setting and equipment. As research into the virus progresses, it becomes increasingly clear that small spaces and poor ventilation are major drivers! The office of tomorrow will need more personal space, better ventilation, and easy access to handwashing stations. If your property meets these standards or can be easily upgraded, now may be the time to call a Realtor near you to find purchase opportunities!
3. Housing
When one works from a home, a tiny studio apartment just isn’t going to cut it. Between the need for more housing in general, and the increased need for affordable, comfortable, spacious housing, it only follows that many commercial real estate properties are likely to be converted into apartment-style living spaces in the future. In many areas, this depends on local zoning requirements, but many city and county planning boards are reconsidering old rules to make way for the new normal. An unused commercial building may be the next retirement home, affordable living complex, or may even be completely renovated into luxury living!
For some people, making major decisions during a worldwide pandemic is out of the question. However, if you enjoy the risk and the opportunity to see great returns on your investment, there are many opportunities available! Call an expert in real estate in NJ to find out what options exist, or how your property can be sold for far more than its original value! Sheldon Neal has helped hundreds of people buy and sell homes, commercial property, and land investments as a Realtor in NJ, and his team is waiting for your call!