IMPACT OF COVID -19 ON THE COMMERCIAL REAL ESTATE MARKET
Many of us notice an increase in the 'For Rent' online advertisements in the past few months. The commercial real estate market is one of the quickly affected industries all around the world. With many businesses working online and a few other worst-hit companies closing their business once and for all, the real estate market depending on such businesses is devastated and is becoming completely weak.
A weak real estate market can mean layoffs among its estimated 3.6 million workers. Especially in Austin commercial real estate, many hotels, restaurants, commercial office spaces and store fronts are closing their business either temporarily or permanently.
In this blog, we will see the impact of coronavirus pandemic on the real estate market and how people are coping with it.