Factors Driving the Real Estate Market in 2020

A commercial real estate professional, Michael Snedeker serves as the executive vice president of Elite Building Corp, in Waltham, Massachusetts. In this role, Michael Snedeker identifies potential leads, secure financing, and guides projects in the Greater Boston area.

The year 2020 is unique, with new challenges and opportunities. The global health crisis has changed how many industries function and the real estate sector is no different. Many businesses are implementing remote work, and although the restrictions are gradually easing, they have chosen to continue that way. Due to this work arrangement, the demand for office space is slowly declining.

On the flip side, more employees want to secure conducive, spacious, and safer residential apartments from where they can work. Based on these changes in preference, the value of properties is changing. Also, many companies and individuals now use different online tools for communicating.

Real estate developers who were familiar with physical inspections felt this change in the beginning. They had to embrace digital inspections to remain in business. Now, developers use live videos, and AR programs to give clients a real-time inspection experience.