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Without a doubt the pandemic has upended commercial real estate. What were once solid tenants and asset classes have been thrown into doubt as social distancing has forced people to remain at home. In response, new practicessuch as a permanent shift to remote workonce seen as unlikely are now being seriously contemplated by many companies. Up is now down, down is now up and so on. 

But executives at RCLCO caution the CRE community not to make too many assumptions based on what is happening at this moment as the nation continues to respond to Covid-19. In a recent webinar, they took a look at the myths that have emerged about the commercial real estate industry as a result of the coronavirus.

The Myth

The steady shrinking footprint of apartment units over the past ten years is now over. ‘Everyone’ recognizes the need for space. 

The Reality

Larger apartments may indeed become a trend among some renters but it is too soon to call this theory a trend yet, said managing director Erin Talkington. “It is tricky to decide how many people will make that decision right now. Not many people are moving at the moment and there are some good questions about how it is not so much the actual square footage that matters but how you use it.” It is possible, she added, that what this really will be is a trend about layouts, such as fitting an office space in a studio apartment. 

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Erika Morphy

 

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