It is estimated that the increase in online sales and the greater trend towards telecommuting will result in a lower demand for commercial premises and offices, exerting downward pressure on the price level of rents in the long term.
The quarantines decreed in the Central American countries because of the covid-19 outbreak, have caused a transformation in the operations of the companies, in the ways of working and in the models of business and sales.
You may be interested in “Real Estate Supply: How do Prices Behave?”
Specialists in the real estate market are beginning to forecast the changes that will last in the property market after the most critical phases of the health crisis are overcome.
In the case of Costa Rica, the rental sector is expected to change completely for the post-pandemic period.
See “New Commercial Reality: How to Reach Customers” and “Changes in Lifestyle and the New Commercial Reality”
Justin Stein, president of InmoInfo, told Nacion.com that “… The demand for premises and offices will not disappear, but it will be reduced. That will increase the competition between spaces. Sophisticated landlords will partner with their tenants to create solutions and promote a long-term relationship over short-term profits.”
Stein explained that “… it is possible, then, that some of the demand will never fully recover because it is precisely the advance of e-commerce and home delivery that will permanently affect some of the consumer’s habits.”
Stay Safe!!
Although there are articles that indicate t=deamand may increase due to social distancing and new space and occupancy rules companies now need more space for the same number of office workers. Office space use will change but it is still questionable if the overall demand will increase or decrease.