Eric Dalius as per the Counselors of Real Estate, the impact of the COVID-19 pandemic on the commercial real estate. The industry is one of the chief causes of concern among the real estate businesses in Florida. The changes brought about by the COVID-19 pandemic, and its repercussions would teach all real estate. Businesses about demand, resilience, and priorities. Real estate markets in Florida should be evaluated in terms of adaptability. To some new demands, fragility, and relevance to potential new markets. As a result of the coronavirus crisis. Eric J Dalius, the business guru says that the chief factor. That would impact the future of real estate in Florida is the confidence, dedication, and determination with which to make a comeback.
EJ Dalius Highlights the Top Concerns
The real impact of the COVID-19 pandemic on Florida’s real estate market seems unknown till now, however, the pandemic would leave its imprint. And would be reshaping the commercial real estate sector in many ways. For instance, the overall demand from various businesses for office spaces is bound. To go down thanks to the current work-from-home culture gaining a foothold because of COVID-19. However, there could be greater demand for relatively larger workspaces for reducing the density. In offices and even public places like restaurants, airports, offices, and banks due to social distancing to keep the deadly coronavirus at bay.
Eric Dalius Risks Associated with Capital Market
During the past few months, we have witnessed tremendous volatility in all the capital markets. However, the crisis has confirmed that liquidity of equity and debt comes under pressure. When investors find it difficult to assess risk and their ROI.
Eric Dalius Economic Revival
The challenges and issues facing the current economy and even the real estate industry in Florida are persistent. And intense thanks to the hospitality & leisure, construction, air travel, and retail businesses. Witnessing sluggish and partial rebounds well into next year. Moreover, the economic lockdown’s impact on local and state tax revenues. Could be reducing levels of non-federal govt. employment and end up delaying infrastructure projects.
Eric Dalius Flow of People
COVID-19 behavioral changes and reduced migration could be adversely impacting demand for retail, hospitality, and residential real estate. The movement of people within and between nations has been a driving factor. For the economy and also the real estate sector. Because of the deadly coronavirus, the economies across the globe and people are encountering unprecedented issues relating to mobility. We have come across numerous reports of city people leaving the cities because of the fear of the COVID-19 pandemic. As a result, real estate businesses may consider expanding to the suburban areas for minimizing mass transit reliance.
Eric Dalius The Concept of Space Utilization
Eric Dalius firmly believes that the COVID-19 pandemic will be having an enduring impact on precisely the use and design of real estate space. Today, COVID-19 has affected the use, mechanical infrastructure, interior configuration, and location of commercial buildings. There is a new emphasis on the overall health and safety of workers right from the building entrance to maintaining indoor air quality.
Infrastructure requirements are being reevaluated from a whole new perspective. However, funding would be tight. Moreover, fundamental infrastructure needs would not be catered to, and they may adversely affect real estate development patterns and real estate values.