By Dan Rafter
There's no denying that the COVID-19 pandemic and the serious hit it's brought to the U.S. economy has slowed commercial real estate activity across the Midwest. But there's no denying, either, that not every commercial sector has taken the same hit.
In an interview with Midwest Real Estate News, a trio of CRE pros with Kansas City, Missouri's Block Real Estate Services, spoke about the differing impacts the pandemic has had on the multifamily, industrial and office markets. Two of those three markets - multifamily and industrial - have held steady and have even seen some growth in activity during the pandemic. The third - office - might be at the beginning stages of a major shift as companies debate how many of their employees will work from home on a full-time basis even after COVID cases start to drop.
Scott Cordes, senior vice president and chief operating officer of Block Real Estate Services; Aaron Mesmer, senior vice president for development and acquisitions with Block; and Chandler Thompson, vice president with Block Multifamily Group, all agreed that the commercial real estate industry has changed dramatically since mid-March when states began issuing stay-at-home orders.
They agreed, too, that the commercial real estate market won't be returning to the old normal anytime soon.
Read the full article at: https://rejournals.com/block-real-estate-services-the-unending-task-of-meeting-covid-19s-challenges/