While many banks may be looking to close locations over the next few years, there is some good news for owners of those assets: COVID-19 has shown value in having a drive-through.
"The good thing about banks is they have that drive through zoning," says Noah Shaffer, senior director of asset management for Confidant Asset Management (CAM). "Once you figure out how to work around the bank vault and the installation of restaurant equipment and fixtures, the existence of a drive-through will help the permitting process for a retrofit to a restaurant."
If banks don't become restaurants, they can also work as medical or general office and retail space, such as cellular stores or funeral homes, according to Shaffer. Regardless of the use, they are usually attractive options for tenants.
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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.
