Since March 2020, countries around the world have continued to struggle with the spread of the COVID-19 pandemic. To help slow the spread of the virus, countless communities were forced to shut down, which would end up having a major impact on nearly every industry. An industry that has been especially impacted by the pandemic is commercial real estate. With more companies opting to function remotely, commercial buildings are becoming vacant at higher rates, leading industry professionals to struggle to determine the next steps. While commercial real estate continues to be affected by the pandemic, there are a number of ways that the newly-vacant commercial buildings could be a good investment.
Convert Commercial Buildings To Warehouses
Space for warehouses continues to be in high demand, which is why this could be a smart investment. Investors can purchase a vacant commercial space and turn it into a full warehouse that stores a variety of products. Additionally, the size of many commercial buildings would have the space needed to create a warehouse.
More Space For Farmers & Growers
Commercial buildings also have the space needed for farmers and growers to utilize. Not only can farmers grow the produce needed, but space can also be used for things like medical marijuana. With more states legalizing marijuana for medicinal use, it is not surprising that they are looking for spaces that are both big and can provide regulated temperatures inside. This can help provide the environment needed for medical marijuana and produce to grow.
Assisted Care Living
As more baby boomers reach the age that requires more assistance, the demand for both assisted living facilities and nursing homes has skyrocketed. Turning vacant commercial buildings into assisted living facilities can be highly beneficial, particularly within cities that have an aging population. Converting these buildings can provide much-needed facilities for aging loved ones that require more assistance, whether due to their age or ongoing medical issues.
Similar to warehouses, store units continue to be in high demand, especially as more individuals make the decision to move out of major cities amid the COVID-19 pandemic. Vacant commercial buildings would provide both the space needed for store units, as well as the interior temperature control that many individuals look for when purchasing a storage unit.
Major clothing outlets would benefit from converting a commercial space into a manufacturing site, where things like clothing, shoes, and accessories are made and shipped. This could be especially beneficial as more companies turn their focus to online shopping capabilities. Having a manufacturing facility can help ensure that the business can run smoothly and efficiently.