How COVID Reshaped the Real Estate Landscape

The COVID-19 pandemic undeniably impacted nearly every industry, and real estate was no exception.

Here's a look at some of the key changes we've seen:

• Surge in demand for suburban homes: With remote work becoming the norm for many, the desire for extra space and home offices sparked a boom in suburban property values.

• Commercial office space in flux: The rise of remote work has led to questions about the future of office space. We may see a shift towards flexible work models and a decrease in demand for traditional office buildings.

• Supply chain disruptions: Global shutdowns caused delays in construction projects and drove up material costs, impacting both developers and buyers.

• E-commerce boom & industrial real estate: The surge in online shopping has led to increased demand for warehouse and distribution centers, creating a bright spot in the commercial market.

• Increased adoption of technology: Virtual tours and online applications became essential tools for agents and buyers to navigate a socially distanced market.

The real estate industry is still adapting to these ongoing changes. What are your thoughts on the long-term impact of COVID on the market?