The real estate industry has been one of the hardest hit by the pandemic, but the resilience and optimism shown by the marketplace is inspiring and points to a much brighter 2021, according to Nichols Crowder.
“The pandemic changed our lives, and it has certainly affected the southeast’s commercial and industrial property markets,” the agency says in its review of the 2019-20 financial year and market outlook for 2020-21. “Working our way through COVID-19 has been tough, and continues to be tough. But we have been inspired by the resilience and optimism that we see in the marketplace as businesses adapt, pivot, change business models and keep pushing forward – and some, we could even say, thrive.
“If businesses have confidence the future is bright and the local economy is going to improve, they can reasonably expect that demand for their services will pick up. Strengthening business confidence means more businesses will look for space, or more space. And that buoyant demand creates upward pressure on property prices.”
Nichols Crowder director Michael Crowder says: “We are already seeing early signs of a bounce back in the market. Inquiry has picked up quickly and we are excited to see businesses reopening in time for the summer trade.”
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