Have you been to the office lately? Not many of us have. The pandemic has created more virtual offices, less dining-out, and even going to court means getting on a Zoom™ call. Will that change in 2022? The impacts of commercial real estate construction are affecting our construction industry.
Commercial Real Estate Predictions
Multifamily and industrial properties continue to see solid development. Those of us that took it tough during 2020 and 2021 are more carefully analyzing risks. Even conservative construction businesses are comfortable bidding and investing their time on multifamily and industrial commercial construction. But keep an eye on other areas that may impact construction developments this year.
Here are some of the commercial real estate predictions for 2022:
- Hospitality will rebound – Hospitality projects on hold (some since 2020) are ramping up this year. Hotels and motels that survived the pandemic are making up for the lost time. More families road-tripped last summer rather than boarded cruise ships and airplanes. Despite rising prices, we’ll spend $771.0 billion dining in restaurants this year. Also, resorts and extended stay properties that weathered the pandemic storm are being targeted by investors.
- Medical space developments increasing – Repurposing vacant malls and offices will be targeted by the increasing need for healthcare solutions.
- Offices will rebound – Employers will create workplace health and safety practices designed to minimize contact. Equipment (and hands) will be regularly sanitized. These efforts should woo office workers back to their cubes.
- The supply chain will strive to rebound – “As space near seaports is extremely limited, developers will be looking to move inland,” says reporter Sebastian Obando. Rising transportation costs continue to be a challenge, and some companies are relocating operations closer to production facilities.
Developing New Customers; Maximizing Information
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