Commercial real estate is more than just buildings; here’s its affect on America’s downtown areas.
Commercial real estate is merely the buildings that house people and their services and amenities. Commercial buildings are schools, stores, offices, restaurants, and cultural centers. It is where communities thrive in a way not feasible in a residential house. Likely, investors, owners, and property managers of CRE know this, and know just how important their buildings are. Below is a brief look at how exactly commercial real estate affects downtown in particular.
Office Buildings
2020-2021 has shown itself evidently harsh, and the effects of the lockdowns only emphasize how important commercial real estate really is. Office buildings are more essential than one might realize, for example. With most people working from home on a permanent basis, the office buildings become vacant. Moreover, local restaurants and stores lose local customers. A commercial office space is often attractive when it is close to such amenities, and stores, restaurants, etc., but without the office workers, these businesses lose customers. Office buildings provide the demand that different businesses need to keep operating.
Retail, Restaurants, & Entertainment
Similarly, retail, restaurants, and entertainment and cultural centers fulfill many community needs. Their customers include tourists, locals, and office workers. These commercial buildings provide room for the life of a downtown area, where people congregate, get the service they need, and cultivate their community. Without these amenities, office buildings and apartment buildings become less attractive and tourism and transit suffers.
Conclusion
All in all, commercial real estate affects downtown because it is downtown. It is the space where businesses and communities thrive, serving each other with whatever needs they meet. To take office buildings from the equation or any other part from the picture causes American downtowns to lose some of what they have gained over the last 3-4 decades. Although the lockdowns have significantly challenged and even shuttered some businesses, and vacated office buildings, 2021-2022 could be the years where downtowns begin to see a comeback.
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