There is a lot of talk about technology taking jobs. Real estate won't be immune from this trend, but specific segments are more prone to job loss than others.
In a new report Cushman & Wakefield pinpoints gas stations, bank branches, non-experiential retail and garages (those in single-family homes and commercial parking decks) and non-amenitized commodity offices as the categories of real estate that are at higher risk of obsolescence due to technology.
There have been different drivers behind these closures. Since 2009, 6% of branches have closed. In 2020, that number could jump to 20%, according to Intelnet.com. The rise of online banking has caused these changes.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
