New research from Colliers International expects that there will be long-term impacts on the commercial real estate industry due to COVID-19.
Changes to the industry will likely include increased janitorial expenses and the adoption of remote work policies.
“Given the limited spread of COVID-19 in the United States, the disruption to real estate will be limited to significant concern on an individual level and uncertainty on an institutional level more than actual health risks,” said Jacob Pavlik, research manager at Colliers’ Portland office. “In Seattle, F5 Networks closed its 516,000 square-foot office tower in downtown last Monday for in-depth cleaning, after it learned an employee came into contact with someone who tested positive for COVID-19.”
Colliers expects more building closures to occur so companies can ensure their employees are healthy and safe.