The pandemic has led to sweeping changes in the way that we live our daily lives. Whether or not these behavioral changes, as Marcus & Millichap's John Chang puts it, stick for the long term are the biggest question mark for commercial real estate players.
While the pandemic has impacted everything from the way we shop and buy goods to how we interact with friends, remote work is the most significant change that will impact the commercial real estate market, not only for office space but housing and retail as well.
"The behavior changes that holds the biggest impact for commercial real estate is people's ability to work from home," Chang, SVP and director of research services at Marcus & Millichap, said in a recent video. "This changed office usage and has caused or enabled people to move to the suburbs or different cities."
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Kelsi Maree Borland
