There are many uses for commercial real estate. Mindful Capital Group has discussed many in our blogs. Here is a new one that is more about a need, than for business.
As has been reported, New York’s commercial real estate sector has taken a massive hit during the coronavirus pandemic. But the Real Estate Board of New York (REBNY) is planning to put some of that empty space to good use by placing rapid COVID-19 testing sites in vacant buildings.
“REBNY and our members are working closely with state officials to begin offering free space for rapid testing centers in retail spaces and large commercial buildings,” REBNY President James Whelan said this week. “We are committed to significantly expanding this effort over the coming months, as increasing access to rapid testing will play a crucial role in our City’s economic recovery as the governor stated.”
Governor Andrew Cuomo said in his 2021 State of the State that rapid testing, along with vaccinations and other public health measures, will be essential to fully reopen the economy over the coming months.
He added that rapid testing not only saves lives, but it is a key to our economic reopening plan and that they will open a network of new rapid testing sites all across the state.
New York’s vacant retail sites offer a good starting point for that network of rapid testing sites. As commercial vacancies piled up, all 17 retail corridors in Manhattan saw decreases in asking rents over the last year ranging from 1% to 25%, according to REBNY’s Fall 2020 retail report.
Many of the vacancies are chain retailers, according to a report last month that found more than 1,000 stores shut down in the city in 2020. The rising vacancies come as coronavirus continues to rage in New York City and the rest of the state.
With the new commercial spaces, New York can get even more testing and vaccinations done. New York has been performing about 200,000 tests a day with a test positivity rate of 6.65% over the last month, according to Johns Hopkins University. The state has recorded 1,179,266 cases and 40,192 deaths since the pandemic began, including 165 deaths Tuesday.
The Mindful Capital Group has a reputation for being a step above the rest. However, what makes Mindful Capital so special, is that the team firmly believes in the fact that whatever is best for clients, is best for the company. With well over a combined amount of 50 years of experience, the team has a vast amount of experience in the real estate market.
Having experience and being able to notice trends that may end up being profitable is key in having a successful portfolio. The Mindful Capital Group is proud to offer investors the knowledge and experience of years of success in the real estate market.