In anticipation of a rise in commercial real estate demand, investors are seizing the opportunity to snatch up building vacancies. This change in momentum is due to the Centers for Disease Control and Prevention recently announcing anyone who has been fully vaccinated no longer needs to wear a mask or adhere to social distancing guidelines in most cases. The announcement leaves commercial real estate brokers optimistic that workers will begin returning to the office.
As a result of the record sum of spending on office buildings and hotels as well, its been reported commercial real estate prices have risen by 7% on average since July. Investors are focusing on the cities hit hardest economically by the COVID-19 pandemic, all of which are seeing a gradual increase in commercial real estate for rent or sale. According to CBRE data, some cities, such as San Francisco, are even observing a record high in the amount of office space for lease.
With the objective being the comfort of tenants, commercial real estate landlords hope that with the CDC’s reassurance of safety, the number of people returning to work will continue to rise along with the buying of commercial space.
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