I’m curious if the real estate market will be a state by state issue. I think commercial real estate is going to get hit pretty hard as office spaces are going to be assessed by lots of companies.
My work is saying work from home unless it can’t be done at home (like if you need to be in a machine shop or assembly area) and they seem to be in no rush to bring people back to the office.
My wife works in one of many off-site buildings that we lease and she thinks that she will never go back to that building. It is all office space and every person there is currently working from home and can continue to do so.
We do not work for a trend setting type of company within the corporate world. We are a world leading business as far as out products go, but adapt to some things at a slower pace. Some groups have been asked if they can work from home very long term. I’d be all for that.
For residential real estate, this is where is think there might be a state by state issue. AZ is opening up and are currently at 25% capacity when looking at bars and dine in. I see that getting bumped to 50% pretty soon. Other states are moving at their own pace. Some are still super locked down, while others are even further than AZ.
I think there are going to be entire industries where the workers will have to downsize if things don’t rebound for them sooner than later.
I really don’t want there to be massive disruption like that, but also think it all comes down to the timing for a cure/vaccine. The Tucson area is largely the Air Force base and the university. I can’t imagine the base would be affected and with universities shifting to online for at least next semester I don’t see that as being largely affected, although I think on-site staff who aren’t teachers might be affected by a downsize.
Lots of travel/hospitality industries going to be very lean for a while though.