The commercial real estate sector was badly hit by the pandemic, especially the office sector. But now a vaccine is on the way, many are hoping for the best. Many experts are hoping that the commercial real estate market, especially the office sector, will slowly but surely recover and will be back to normal.

The Commercial Real Estate Market, Especially the Office Sector, Heavily Suffered During The COVID-19 Pandemic

During the earlier months of the lockdown quarantine period, many offices closed their doors to both their employees and customers. Many have opted for their employees to work in their homes, while some have permanently shut down their operations altogether. However, now that a vaccine is on the way, many office landlords and investors are hoping that 2021 will be a good year for them.

According to Realtor.com, many in the office sector are hopeful for a huge turnaround once 2021 hits us. However, they admit that it will take some time for the office sector to be fully back on its feet. Many experts in the office sector, as well as health experts, have stated that they expect that the said sector will start to recover in late spring or early summer of 2021. That is the time wherein the vaccine is expected to be distributed to many countries around the world. 

Unfortunately, they are also seeing that the office sector will still have their prices continuously drop, amounting to a total of 8%. The reason why for the said continuous drop is that most offices and companies will still retain their employees that are working remotely. Additionally, they believe that many employees as well will prefer to work in the comfort and safety of their own homes. than rather risking their health by going outside and into offices.

Still, the landlords and investors remain optimistic as public health experts are now saying that 65% of the American public in the country will be immune to the contagion rate of the coronavirus pandemic. They were able to say this since the new cases of infected people are being reported as 10 new cases, out of 100,000 per day. Additionally, health experts believe that by late spring, 45% of the American public will be vaccinated by then.

Many Experts Are Saying That Major Industries and Markets and Their Corresponding Economies Will Fully Recover by End of 2021

Thanks to the new reports of three vaccines working better than expected, many experts are now seeing a full recovery of all major economies by the end of 2021. According to Forbes, once that the current pandemic dies out quicker than expected, many are seeing the full recovery of most economies globally by the end of 2021. However, if the said pandemic continues to resist at this point, the date of full recovery can be then expected at the start of 2022 instead. 

However, there would be noticeable changes to any kind of economy that will have a full recovery that they will need to adhere to. This means that many sectors will be either taken up to the next level or be closed permanently instead.

ALSO READ: What's Inside 'Rocky Balboa's' $35 Million Mansion? & San Francisco Rent Prices Surprisingly Drop to $1000 Average