It goes without saying – the last year and a half grappling with a worldwide pandemic has impacted many individuals, families, and industries tremendously. The commercial real estate market dealt with an unprecedented number of business shutdowns during what is likely to be the largest economic downturn of this generation. The good news is, most commercial real estate owners are optimistic about the future.
As companies begin to recover, it’s clear that Calgary anticipates a return to pre-pandemic growth in the next two years. Patience is key when it comes to leasing your commercial property this year. But what does this mean for you as a commercial real estate owner?
You’ll need to strategize to hit the ground running
As the gears are starting back up to return to some form of ‘normalcy’, now is not the time to sit dormant but rather to strategize and remain competitive. Some companies that ended their previous tenancy will be looking for commercial leasing opportunities in Calgary. However, commercial property management companies are aware of the shifting demands in a post-pandemic world as a result of remote work, which brings us to our next point.
The demand for remote work can be an opportunity for future growth
When companies began to work from home at the start of the pandemic, many survey results reported that most employees enjoyed working from home and prefer to do so even after restrictions are eased. As the months passed, however, many workers began anticipating returning to the workplace. Social interaction is a basic human need and, while the demand for remote work has risen, most workers want to be in a physical space with others in some capacity.
For this reason, commercial space for lease is still in demand but with some changes. Many companies are open to a hybrid world of remote and in-office work. Some are considering leasing flex space to meet this new way of working. Many business owners are looking for a space that allows for physically distanced cubicles and work areas. These are a few examples of how commercial property owners and management companies are shifting their approach to meet evolving needs.
There are sectors that show sustainable growth during the pandemic
E-commerce warehouses, digital agencies, logistics companies, to name a few, are some sectors that not only survived the economic downturn but grew during the pandemic. This highlights an opportunity for property managers to market their commercial space for lease in Calgary to be favourable for digital companies. Because tech companies rely heavily on secure and fast Internet connections, they’re looking for buildings that have invested in fibre optics or can guarantee access to a secure network. Other features like a meeting room with a projector and screen are ideal for digital companies that lean on collaborative work amongst team members.
In any case, this post-pandemic world is an opportunity for commercial property owners and management companies to recognize these changes and stand out as forward-thinking investors.