The COVID-19 pandemic is accelerating a new trend of turning commercial real estate graveyards into actual housing.
“The demand for office space is continuing to change. I would say it has accelerated what we’re already beginning to see in terms of you don’t need… as much space per person, and especially as there is more opportunity to telework,” The D.C. Office of Planning director Andrew Trueblood told FOX Business’ Edward Lawrence on Wednesday.
Trueblood’s comments come on the heels of many people working remotely since the start of the coronavirus pandemic, leading to empty hotels and office buildings. The trend, Lawrence pointed out, has been to convert commercial spaces into apartment buildings in order to get more affordable living in inner cities.
Many companies, including Twitter and Facebook, in response to the pandemic, have even created a permanent work-from-home policy as Americans expressed the desire to remain remote. A new study conducted by Robert Half found that roughly 1 in 3 professionals working remotely said they would quit if companies required them to return to the office full-time.
Even so, Trueblood believes “there will still be a presence and still be the need for office space” in the future.
The Mindful Capital Group has a reputation for being a step above the rest when it comes to real estate private equity. 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 in asset management, 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. This is true as commercial real estate trends change with time and world events.