Changes to Watch in the Commercial Real Estate Market
The pandemic affected nearly every aspect of our lives and economy, with the real estate market taking a large hit. There was a nearly 10% increase in office vacancies and commercial property prices dropped nearly 18%. While the market is still recovering from the pandemic, there are many opportunities waiting for those who can embrace the risk and invest in commercial real estate.
With office vacancies, there are more opportunities to purchase commercial office space and renovate into new fresh spaces buyers are excited to move into. Office and industrial tenants are looking for spaces with large windows, full amenities, and large open spaces to foster collaboration. As employees return to their desks in these new spaces, office occupancy may jump by 10%.
To take advantage of the changing real estate market, invest in commercial property as the market continues to recover from the pandemic. To learn more about investing in commercial real estate in Orange County, NY, take a look at the infographic below: