Two months ago, there was a sense of promise in the air as Covid-19 cases plummeted. However, the Delta variant has caused a resurgence that is breaking records and leaving companies scrambling to decide what their next move is.
According to Karly Iacono, Vice President of Capital Markets and Investment Properties at CBRE, this is greatly impacting business travel and meeting etiquette.
After over a year of virtually networking, attending events, and conducting important meetings, this fall was expected to be a time when people could reconnect safely and in a meaningful way.
“We spent the last year and a half using every social media and digital platform we could, but there’s still the need for that human element,” said Iacono.
However, the commercial real estate industry is now reevaluating how to conduct their business.
Some companies are hitting the brakes on travel, which Iacono says is mostly due to a lack of events to attend.
Kathryn Wylde, President and CEO of Partnership for New York City, added that many employers are anticipating travel to be permanently reduced. If this is the case, commercial centers, as well as the service and hospitality industries, will be greatly impacted.
Still, some analysts are still hopeful for recovery, with a few predicting that the industry will reach 2019 levels of travel and spending by 2024 or 2025.