Trends and challenges in the property market post COVID-19

At present, there are two challenges the real estate sector is facing: COVID-19 and climate emergency. In the financial side of the situation, the global health crisis has brought a few unprecedented obstacles to the property market. With post-pandemic trends, how will the industry rise from the challenges it is faced with? 

Image source: forbes.com

Image source: forbes.com

  
COVID-19 shocked commercial real estate and revealed their weaknesses, mentions Eugene Bernshtam. Malls and other commercial developments were caught off guard by health and safety measures required to prevent the spread of the virus. Hospitals were found to be at risk of exceeding their capacities and compromising flexibility for the current situation. As a result, reinventing real estate both physically and market-wise is the best way to move forward.

Resilience will be a quality that must be prioritized in future developments. This will combat challenges brought by physical weaknesses of properties. Capability comes after resilience. Digitalizing assets, operations, and processes will result in a more sustainable portfolio. In order to promote long-term outcomes in real estate investments, investors must mix traditional investing with social, governance-related, and environmental approaches. Companies that are not prioritizing sustainability will be faced with environmental issues and suffer from unfavorable records.

According to Eugene Bernshtam, real estate is a market that is fueled by human habits. The property market must respond to the fast-changing needs of the society in order to reinvent the industry at a good speed. In a post-pandemic world, property buyers are looking for developments that are healthier, safer, and more sustainable.

Eugene Bernshtam currently heads commercial real estate developer Avalon Holdings, LLC, and its affiliated entities. Specializing in apartment buildings and mixed-use properties, his company focuses on investment, development, management, repositioning underperforming real estate assets, and consulting services. For quick updates, follow Eugene Bernshtam on Twitter.

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