It’s no brainer that the COVID19 pandemic has significantly had its toil on the daily activities of the world. With millions of the American populace been forced to stay at home, many sectors, including the real estate market, have sustained a gross injury. As New York City is the worst hit, there’s a high level of uncertainty on the fate of the NY real estate market after we must have gone past these health crises. The trajectory of the already dwindling real estate sector, bouncing back, is difficult to forecast.
Already, the pandemic has created so many trends in the housing sector. What’s left to see if some of these trends can continue or all turn to a fad. For starter, the office sub-sector poses to be on the verge of receiving a significant blow, even after the end of the pandemic. With lots of offices been closed, many employers now encourage their employees to work from home. This densification of work and office space is, however, still ambiguous.
The future for rental apartments and warehouses still holds sway. Although the pandemic has caused a lag in demand, there’s every indication that the market will skyrocket by the end of the pandemic. With an increase in demand for online shopping amongst New Yorkers, the market for the warehousing and logistics sub-sector will experience a massive bullish trend. The new pattern of working from home is more likely to become a norm with many businesses. This will encourage the demand for rental apartments. Even with increment in demand, the necessity for a real estate attorney is not to be underrated.
Once the stay at home orders are lifted, the world economy will undergo a gradual healing process. Already, some countries, including the US, have taken significant steps to try to cushion the effect of the aftermath of these health crises. The US Federal Government for example has used lower interest rates to keep up the real estate market. We are very optimistic that the New York real estate sector will be the frontline of recovering sectors.