Don’t Let Commercial Real Estate Pressures Impact Your Economic Development Goals
June 3, 2024
The economic landscapes of communities nationwide are as unsettled as ever. One facet of this reality is the state of commercial real estate. Beginning with government-imposed shutdowns and social distancing during the COVID-19 pandemic, businesses and individuals have changed their habits, incorporating remote or hybrid work practices into daily life. As a result, the need for large corporate offices or brick-and-mortar stores has declined. Despite returns toward pre-pandemic norms, the current commercial real estate landscape presents a troubling future. Economic development organizations must account for this potential impact on their communities and be proactive to address the new normal.