How Will the Pandemic Affect Commercial Real Estate in MA in the Future?

The commercial real estate was at a very strong place right before Covid-19 hit the US. With stay-at-home order being enforced and millions becoming unemployed, many businesses were forced to close their doors either temporarily or permanently. A lot of employees in the MA area are continuing to work remotely, but Covid-19 vaccine rollouts are expected to encourage people to return to the office. As the pandemic starts to stabilize and come to an end, you’re probably wondering what that means for commercial real estate in MA. No one can see the future, but our team has plenty of predictions based on facts and recent data!

Is There Still a Demand for Commercial Real Estate?

The demand for commercial real estate isn’t gone just because of temporary closures. Businesses are looking to return to a physical space after many were forced out of their pre-covid location. New buyers are constantly entering the commercial market too. There’s no shortage of demand for commercial real estate in MA. As the economy continues to improve, that demand will only get higher.

Different Priorities

One of the biggest selling points pre-covid were the amenities that came with a commercial space. An on-site gym, pool cafeteria, or rec room was a huge perk to a commercial space. Covid changed the way that people interact outside of their own homes. Many of the things that would have been perks before are now staying closed to keep the spread of covid as low as possible. Instead of looking for those things as amenities, commercial real estate buyers are looking for covid-friendly spaces. A commercial space that has keyless entry, space for social distancing, and a great cleaning crew is what buyers are looking for! The commercial real estate world in MA will change in the way that commercial spaces are marketed and what’s seen as a priority for buyers.

Returning to Normal

The big question for everyone is “when will it go back to normal”? That applies to more than just commercial real estate, but it’s definitely relevant for commercial real estate agents. Things will slowly return to normal, but the real estate market is predicted to continue rising for quite some time. People are ready to get back into the office, in physical store and restaurants, and return to what life used to look like. All of that means more commercial spaces will be needed, so the demand will be higher than ever!

Contact Quinn & Associates, Inc.

If you’re interested in buying or leasing commercial real estate in the MA area, our team can help! Contact Quinn & Associates, Inc. today to schedule a consultation with one of our experienced real estate agents servicing MA.