Offices, hotels, and malls were emptied by the coronavirus. While some are reopening, the disruption has created a new normal.
The coronavirus has provided the largest experiment ever in remote work. Experts say it will forever change our relationship with the physical office.
Flex-space providers like WeWork, Knotel, and Convene, rental startups like Sonder and Zeus Living, iBuyer Opendoor, and brokerages including Compass and Redfin have laid off or furloughed staff.
Companies are also rethinking their office footprints and warehouse needs.
The coronavirus threw the real-estate world into disarray, as people empty out of offices, hotels, and malls and work from their homes. The spread of the virus and the economic disruptions that followed are transforming how people and companies finance, operate, and occupy real estate.
Big firms are rethinking office needs — and some commercial real-estate deals are being put on ice. A surge in e-commerce, meanwhile, is fueling demand for warehouse space at companies look for new ways to reach customers.
We’ve also been tracking a slew of layoffs in the venture-backed real estate world, as empty short-term rentals and coworking spaces have hit once-buzzy industries hard.
Here’s the latest news on how commercial and residential real estate is being upended, and how experts think these markets will play out in the long run.