Looking Ahead

Blog Series 4 of 4
Be sure to read all 4 entries of our blog series “Business As Unusual”. Our team of real estate professionals gathered some of their observations as they relate to the effects of the Covid-19 pandemic on commercial real estate. Their words provide an interesting perspective into exceeding client expectations and finding success during this challenging time.

Brokerage Services

There is no blueprint to follow when it comes to handling the changes brought about by the coronavirus pandemic. Instead, there is only reliance on our previous experience, real time updates from our global network and confidence that we can be industry leaders in this time of crisis.

How Can We Help?

As professionals in real estate brokerage, Ciminelli has taken on the role of advisor and consultant during the COVID-19 situation. Naturally, right now the pace of transactions has slowed, due largely to the level of economic uncertainty. We’ve also realized that many of our real estate contacts have been asked to take on expanded roles within their companies during this crisis, essentially minimizing their capacity to focus on their real estate. Seeing an ability to help, our brokerage team is engaging a broader network of professionals, and working with other major metropolitan brokers to develop policies and best practices regarding rent release and other concerns that our client base has. We are advising both landlords and tenants on the different types of rent relief programs available, and when and how these options might make sense for their business and interests. We are also maintaining communication within our network to disseminate accurate information and dispense prudent advice to those needing our assistance. Furthermore, for those clients with a strong financial standing, this can be a very active time; opportunities will be available to strengthen their real estate position in the market, and we stand ready to assist those clients as well.

A New Perspective on Real Estate

We recognize that the COVID-19 pandemic has dramatically altered the way we all do business. Social distancing alone will prove to be a significant challenge for many offices to overcome. Trends were pointed toward increased office densities that yielded collaboration and lively work environments all the while creating an office culture. In the immediate future, social distancing standards will no longer support that approach. In the short-term, it’s likely office staff will spend some time in the office, balanced with time working from home. Over time, space planning and layout will promote more privacy and separation in the office environment, while corporate policy changes allowing flexible schedules and remote working arrangements will decrease the number of employees in a space at one time. Ultimately, if it becomes apparent that these changes in thinking represent the new normal, it will have an effect on the need for office space. Alternatively, in a post-vaccine world, companies may elect to gravitate back towards workplace strategies that include collaborative environments that have proven to increase productivity over the past decade. In commercial real estate, small changes in behavior like this can have large and lasting effects on the marketplace for many years. While the answer is currently unknown, and the effect on our clients uncertain, being well-informed of where the real estate market is trending is going to be of significant value to clients.

Focus On The Future

Ciminelli has always been forward thinking, and this philosophy is more important now than ever before. As the country rebounds post-coronavirus, our brokerage services team expects that there will eventually be significant real estate activity and growth. Full brokerage services will be in high demand given the high-risk, high-reward environment that will lead the recovery. Working closely with our clients as their advisors, connecting with a national network of real estate professionals to understand trends, identifying opportunities and working to maintain a ready posture in the marketplace will all be critical for success. At Ciminelli, we’ll be ready to facilitate that growth in any capacity.

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