Everyone just about knows that the coronavirus pandemic has completely and utterly changed the way we work, play, and live. But how, exactly, has it affected us -- and the real estate industry in particular?
On this episode of Weaver: Beyond the Numbers, Real Estate edition, Rob Nowak and Howard Altshuler embark on a multi-episode podcast series where they look at exactly that, and what trends real estate professionals can look forward to in the months ahead.
First and foremost, Altshuler emphasized that the trends they discuss from here on out hinge on people getting better health-wise, taking into account the expectation that COVID-19 cases will decline with the spread of the vaccine and enforcement of public health measures.
“One of the biggest things that happened was the acceleration of the ecommerce trend,” continued Altshuler. “People got used to shopping at home... the older demographic that hadn’t been doing much ecommerce before really started using it, started liking it and will continue to like it.”
The work-from-home movement, on the other hand, was a trend that started out strong but began to lose some momentum. Both Nowak and Altshuler decided that changes in the design of homes and high-rise type buildings would have to be made in order to accommodate WFH-ers unique working needs.
They also took a look at how big box retailers and hotels are mitigating the effects of the pandemic on their daily operations and revenue.
Overall, though, the post-pandemic world is looking to be a very different one. “The pandemic was the great leveler,” mused Nowak. “It forced us to adapt and divorce ourselves from some of those practices that ultimately were going to become dinosaurs.”