Most everything in our lives, and in Commercial Real Estate in particular, was affected by the COVID-19 pandemic. Retail took a nosedive and has begun a modest recovery; office remains floating in a sort of no-man’s land. But for the industrial sector, life continued almost as normal; certainly, there was no slowdown or abrupt halt in space demanded.
While the COVID-19 pandemic drastically altered the commercial real estate landscape, it was perhaps a driving factor in the success of the land sector during the year 2020. In a survey conducted by GlobeSt., nearly 22% of land brokers experienced a significant increase in business during the pandemic, while 33.6% of brokers only saw some growth.
The start of a new year brings hope for a better economy, the roll-out of a vaccine, and getting lives back to a new “normal”. But while we remain optimistic for good things to come, the COVID pandemic has unfortunately created a financial burden for many property owners who may have a more difficult time recovering from the shock of shutdowns and lost business in 2020.