While COVID has impacted the world over, at McGees Property, we have been lucky to remain operating in full capacity throughout 2021. However, after 2020, we made changes to adapt to the shifting world, just as many businesses were forced to do.
Much like others, our first step was to introduce new advanced technology. While video technology was a large part of that, technology as a whole allowed businesses to make changes to working conditions to provide teams with a more flexible workplace. There is an obvious impact on culture when technology comes into the picture. Everyone had to work harder at maintaining contact with their employees to ensure nobody felt isolated from the team.
Business owners and managers had to find new ways to use technology to monitor performance and provide support to employees. There was also the knock-on effect that working from home had, which impacted commercial property at large. Technology allowed people to stay home, which drove customers to spend bigger in the suburbs due to less movement in city centres. As a result, it changed how people shop for commercial real estate. With many people choosing to invest in suburban real estate over CBD commercial properties.
Like any successful business, we have all found ways to adapt, evolve, and improve throughout COVID. For the businesses still standing, those changes will likely remain in place in large ways. Though people will return to city centres and start visiting retailers again; it may be a slow recovery to normality, which will impact how commercial real estate operates by and large.
Commercial real estate in the suburbs may continue to be a more attractive prospect versus central business district rates for the time being; ultimately, we all find ways to ensure our businesses prosper. And, while things will never return to the way they were pre-March 2020, we will settle into a new normal.
What does 2022 hold? Who knows. But we’re ready to tackle it!
In the meantime, we wish you and your family a very Happy Christmas and a fantastic New Year, and we look forward to working with you in 2022.
*Disclaimer: This article is for general information only and should not be relied on as advice. You should consider your personal situation and seek advice that is specific to your circumstances before making any decisions based on this information. If there are any issues you would like us to discuss with us arising from this article, please contact us*