Here are the top 5 predictions for real estate once the pandemic subsides:
“I certainly think this is good for townhouse living because you don’t have the same issues you have in an apartment building such as sharing an elevator, not having access to your gym, and you have private outdoor space,” says Lisa Lippman, an agent with The adoption of touchless technology, including remote access for locks and thermostats, will become standard, Stern says, and multifamily building owners and managers will see challenges.
“Markets will vary as to how well multi-family owners can absorb losses, with lower income tenants less able to recover,” Stern says. “Owners will likely have to absorb more maintenance costs due to enhanced cleaning and increased wear and tear of residents working from or staying home.”Balconies, terraces and private roof decks are already prized amenities for any prospective buyer, but they will become even more in demand in the coming months.
“Being stuck inside, I think people may realize what is important to them in a home and in their space,” Lippman says. “People will consider what it would be like to reside in this space without being able to leave now. Outdoor space may become more important, I’ve talked to clients who have told me how grateful they are for theirs right now.”
Home office space will also become a more standard offering. Stern notes that for multi-family projects in the planning stages, developers are reconsidering layouts to accommodate tenants working from home. Before the pandemic, the construction industry was already facing a shortage of skilled workers, with many professionals leaving during the Great Recession and construction booming across the country.
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