The Impact of COVID-19 on the Commercial Real Estate Industry Without question, the coronavirus pandemic is impacting the commercial real estate industry in unprecedented ways. As its effects continue to spread across the globe, the entire field is finding new ways to handle business and get deals done. But, it’s safe to say the industry will never be quite the same. At Land Hawk, we’ve been staying up-to-date with the latest news and guidelines to best serve our clients and community. Our team compiled some industry areas to think about below: Increased Use of Technology Technology already played a massive role in commercial real estate, but this role will expand even further due to COVID-19. From virtual showings to digital meetings, tech solutions will soon be involved in every facet of the industry. Now’s the time to invest in different resources and train your team on new platforms. Operating within Social Distancing Guidelines As certain places reopen and allow limited amounts of visitors, acceptable reentry guidelines will be a priority. Whether for a hotel or a retail space, different approaches will have to be taken to ensure safety requirements are met. Many companies will have to completely rethink their processes to satisfy new public health recommendations. Tenant Support Very few groups are feeling the harsh realities of COVID-19 more than tenants. It’s extremely important to communicate with them and make sure everyone is on the same page. Some establishments are seeing their revenue decrease to zero, and rent payments have become nearly impossible. We highly recommend discussing any necessary arrangements with tenants as soon as possible to prevent any unforeseen issues for either party.