The coronavirus pandemic has had a far-reaching impact on almost every aspect of life in 2020. Once of the biggest industries impacted is the real estate industry.
The various curfews and lockdowns put in place, combined with social distancing regulations and companies embracing work from home policies has transformed the demand segment of this industry and perhaps these changes will never return to the way things were.
We have had had a unique, firsthand perspective into how demands of their customers have changed in response to the pandemic.
Above everything, our tenants are looking for flexibility right now. Each employer is going through their own challenges and waves of redundancies are happening at uncertain times. We offer both long term and short-term rental services and tenants who would typically take long term rentals are opting for more flexibility accommodation.’
This is driven by the fact that with so much uncertainty they do not want to commit to long term leases or make large investments on furniture if they are not sure what the status of their employment will be for the next year.
We’ve also seen a surge in demand from local residents for larger units and have focused their property acquisition strategy to onboarding more villas and larger apartments to meet this demand.
Since we are all spending less time in commercial real estate and more time at home, space has become extremely important for us. Our customers are cherishing private gardens, swimming pools and more open living space.
Additional, property owners need to think more creatively about how they are furnishing their units. With many more people working from home, study spaces are absolutely critical. ‘Many property owners have vacant utility rooms or maid’s rooms, which can be converted into a study easily. Customers really value a private working space during these times.’