As the real estate markets experience the most profound changes, Ali Ata believes the pandemic continues to impact them to various degrees. Businesses have to reevaluate their models and plans and make adjustments to accommodate the changes.
How does the COVID-19 pandemic affect real estate?
Just like other professionals in different markets, Ali Ata believes both architects and property owners need to look for alternative ways to provide a safer yet more efficient work environment for everyone. Businesses that adapt to the definite changes early will survive in this modern and fast-paced business world.
Since the pandemic has widespread impacts on almost everything, it also significantly affects how businesses operate in an office environment. Ali Ata believes there is a great need for companies to shift their focus and consider all possible scenarios swiftly. Focusing on clients and providing up-to-date information to help them through this challenging time must be top priorities.
Ali Ata believes a strong presence in multiple sectors and collaborative online platforms will help companies stay in contact with colleagues and clients. It is vital if businesses want to cope up with everything that is happening. Companies will come out stronger if they can figure out how to take advantage of consumers’ growing demands.
Since most employees experienced and enjoyed the convenience of working inside their homes, the office space market will also see dramatic changes. Companies have to weigh the pros and cons of using outside or inside offices to maximize efficiency and productivity while making adjustments to accommodate other scenarios brought by the pandemic. Looking from an investment point of view, Ali Ata believes that the industrial sector will be one area to see the most opportunity.
The home building market will also see improvements, so Ali Ata believes configurations and building layouts are necessary. People must be spread out, which will pose a challenge in constructing new buildings and retrofitting existing buildings. Furniture can be reconfigured, or new circulation patterns can be established.
One of the significant changes that companies need to anticipate is the demand for additional and separate entrances. New mechanical systems must feature improved airflow, and more effective filters for ventilation should also be required to prepare everyone going back to buildings.
Ali Ata believes that there is potential growth toward a more suburban approach to real estate. As people look for more space and less population density, business leaders must keep in mind that smaller buildings are easier to navigate and generally less populated. Whatever happens, companies are expected to focus their practices to help clients successfully manage their changing real estate needs.