The impact of Covid-19 has greatly been felt across the commercial real estate industry. Many businesses had to shut down, while others moved to work remotely. Few new businesses opened due to the uncertainty the pandemic brought. During this time, there was little need for buying or renting commercial buildings. However, as agents know, the impact of crises on real estate does not last forever.

As the world begins to return to normal, workers are going back to the office and businesses are beginning to open. The demand for commercial real estate is growing, and with this growth come new possibilities for innovation. Below, 11 members of Forbes Real Estate Council predict how the commercial real estate landscape will react to the effects of the global pandemic.

The mixed-use development proposed for the long dormant parcel on Newport Avenue abutted by New Road and Moore Street was approved by the Planning Board at its May 10 meeting. “Newport Center,” as called by owner Schiavo Enterprises, LLC, can move forward with the construction of two four-story apartment buildings, a gas station/convenience store and a commercial outlet, the stated intention for the space to be a grocer.

Schiavo Enterprises LLC, based in Dedham, Mass., is the applicant and developer/owner of the project, seeking to construct 152 units of housing as well a commercial element or elements on the site, which hasn’t been utilized for well over 30 years if not longer.

The fast-worsening covid-19 pandemic has triggered layoffs at more than a quarter of construction firms responding to an online survey released last week by the Associated General Contractors of America. The finding, based on responses from earlier this week, contrasts with the government’s monthly employment report for March, which found that construction employment declined by 29,000 as of mid-March.

Macy’s, one of the nation’s premier retailers, announced that it will close approximately 125 stores that together account for approximately $1.4 billion in annual sales, and focus on growing digital business.

Travelers Adjust To New Uber, Lyft Pick Up Locations At Logan   Major changes with plenty of glitches…

Finding middle ground in the garbage Reducing carbon emissions and traffic congestion are important priorities for our city….

Commercial Real Estate Blog

11 Mar: As The Coronavirus Spreads, It’s Not Business As Usual For Real Estate Agents

As the spring selling season gets underway and the number of coronavirus cases and deaths rises across the United States, some agents have had to come to terms with the harsh reality that the outbreak is putting them in the delicate position of forgoing common practices such as holding open houses or even shaking hands to contain the spread of the COVID-19 disease.

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03 Mar: Mass Has 40 of the Top 50 Priciest Zip Codes in New England

After analyzing all 2019 residential sales in New England’s six beautiful states and calculating the median sale price in each zip code, real estate site PropertyShark discovered yet another way to say that buying a house is a ridiculously hard thing to do around here: Massachusetts is home to 40 of the top 50 priciest places (technically 52, due to a few ties) in the region

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