Like everything else in our lives, the current pandemic has impacted the construction and real estate industry in a wide variety of ways.
In the residential marketplace, demand has remained strong, driven by homebound residents who are feeling a strong desire for change — whether that be for a home with a pool, one with more space for families that are now living and working side-by-side, or a desire to relocate to less populated areas. Current historically low interest rates have certainly spurred action in this area and realtors have been turning more and more to 3D and virtual tours to introduce buyers to available options.
But while low interest rates are great for homebuyers, they have caused problems for local banks. The pandemic has also interrupted supply chains and increased material costs for builders and devastated the hospitality industry. The commercial real estate industry is also struggling with this “new normal” as companies reevaluate how and where they operate in order to meet current safety demands.
This is a time of great uncertainty for us all, but like all the challenges that have come before it, we will rise to the challenge by embracing change and the innovations it creates and by recognizing that we are all in this together.