There are many opportunities for many commercial real estate industries to turn their challenges into opportunities. There are several vacant office spaces in New York because employees are deciding to go hybrid.
Major companies have contributed to the increase in office vacancies because of the pandemic. If you look at the statistics, office occupancy has increased by 47% in New York City. Due to the high percentage, real estate investors could drop 15.9% in sales from 2022 to 2023.
There are different types of commercial real estate that investors can pick from. For example, there are retail estate options that allow people to buy clothing, food, and other necessities. There is also a power, center, community retail center, etc.
Given the various categories of commercial real estate, investors possess the ability to generate many opportunities for individuals seeking residential units. For instance, a lot of landlords are thinking about the possibility of turning empty office spaces into units for residents.
Source: ChessRealtors.com