One industry which was hit hard due to the pandemic was the Real Estate industry. There are many days to day properties, and building homes has slowed down and has allowed agents the time to think about the future predictions which will help with the effects of COVID-19 pandemic in the industry.
Buyers will upsize
Micro apartments were supposed to be the wave of the future, but the city dwellers in one-bedroom or two-bedroom space can be camped, and with the pandemic, we can see larger apartments coming back to style. This also includes outdoor space, views and other amenities. The concept of the micro-apartments is enough to help ensure that New York City can become unchanged, but there will be a need for people needing a bigger space.
Technology will win
Pandemic has allowed people to move toward urban living. This means that people will not stop investing in larger cities. In recent times we have seen the housing and living costs in New York to soar as there was losing population. Although suburbs are less dense, it can control contact, but it is important that one has less dense cities which can help reduce contact with fewer hospitals and resources for treatments. The pandemic might lead people to move away from the cities but will lead them back for their jobs. There is also a shift toward boutique property rather an apartment which can be prized high.
Outdoor space and home offices
With pandemic people are stuck inside and have realised that importance of having their own space in their own home. This is one of the main reason people will be residing in a space where they prefer not leaving. Outdoor space may be of much more importance and allows people to stay out even when they are inside. Home office spaces are a standard offering which means that there are multi-family projects which need to be considered and reconsider the layouts for accommodation.
Construction prices will rise
The construction industry was facing a shortage of skilled workers with many professionals are leaving in the great recession while the construction was booming across the country. Even with the momentary construction stop, there is still a desire to go back to work. This will have many constraints which can lead to the slow down of the land acquisitions. There will also be a supply chain shift which can take a country years to help bridge the gap. This is due to countries like China, India and Brazil undergoing a massive change due to the impact of the pandemic.