As the global economic crisis continues to erode the value of office space, landlords and policymakers will need to begin planning for a post-COVID future in their cities. If the number of workers in office districts shrinks, the reduction in local wages, mass transit ridership, and local economies will be felt. Businesses within walking distance of offices will lose foot traffic. Office vacancy rates already reached their highest point two years after the global financial crisis. In cities with a robust job market, this trend will not be a serious issue.
While COVID-19 isn’t the first step towards a healthier world, it will force business leaders to consider how the reorganization of office spaces will affect their bottom line. Before COVID-19 was enacted, office space was increasingly open and collaborative, while co-working spaces were popular due to their high employee count. Since COVID-19 places greater emphasis on compartmentalization and distance within an office space, property managers will need to adapt their office spaces to protect their tenants. This may mean frequent sanitation, enforcing hygiene policies, and installing air purification systems.
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While the economy has long seen commercial real estate as a safe investment, the economic downturn in Covid-19 has taken a toll on many small businesses and industries, and the resulting “trickle-up” effect on landlords is already being felt. In fact, 33% of small businesses reported not paying their rent in January 2021, with the number of unpaid rent significantly higher for businesses in areas impacted by the lockdown. Further, the proportion of unpaid rent is highest among minority-owned businesses.
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