If the fallout from COVID-19 continues, there is little doubt that the number of abandoned and foreclosed properties will likely increase.
To show how the CRE environment will change, Newmeyer Dillion Partner Mike Krueger points to restaurants. The ones that are allowed even to open will have fewer customers.
"If you had a big 8,000 square foot restaurant that allowed you to have 150 customers at one time, the most you're going to have is likely going to be half of that because you're going to have spacing requirements and you're going to have certain limitations," he says. "Then you're also going to have limitations on how food is going to be prepared. You will no longer have chefs in the kitchen working shoulder to shoulder."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
