Three major associations joined to conduct an impact study on the effect of COVID-19 on the real estate industry.
The Building Owners and Managers Association International, Yardi and Brightline Strategies will partner on a rolling research program assessing how COVID-19 has affected tenants, businesses and the perception toward work environments. The results will show how these perceptions may affect real estate decisions, perceived value of office space, relocation, renewals, rent premiums, vacancy rates and practices over the next six to 24 months.
"COVID-19 is potentially the largest disruptive force facing the commercial real estate industry and its tenancy in our lifetimes," said Henry Chamberlain, president and COO of BOMA International.
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The joint study will build upon Brightline's study in April and May 2020 on the mid-Atlantic. The three upcoming studies will be focused on 2,500 decision-makers. The studies will aim to begin and end in August 2020, with follow-up studies in the middle of the fourth quarter in 2020, and February 2021. Each study will provide insights on how the pandemic has affected financial and operational risks, changes in tenant needs and expectations, and tactical guidance to managing property portfolios. The study will have the combined insights of BOMA members, Brightline clients and Yardi customers.
Robert Teel, vice president of global solutions at Yardi, said the research will provide "customer insight for property owners" and help property managers develop and improve health protocols in their buildings. Teel also said he hopes the study will "highlight new initiatives and investment opportunities."
Michael Broder, president and CEO of Brightline Strategies, said the studies will identify "factors impacting future occupancy" while providing data that will predict likely outcomes across markets.
Results from the first study will be released in September 2020.
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