The real estate business has had to make several changes to the way it operates amidst the pandemic. The Patriot-Bridge spoke with Coldwell Baker realtor
What are some industries that will be completely changed or destroyed by COVID-19?
Abandoned Malls in the U.S. were already becoming a common theme.
There are many industries which will be changed, but some stand out as being not only changed but completely unrecognizable after the Pandemic is long gone. Commercial Real estate already was suffering from the evolution of technology, change in the way business is conducted, and the fact that people can just work from home because of all these reasons. Retail Malls also were showing signs of chronic failure as once coveted spaces were becoming empty. The closure of large chains like Sears were just the beginning of a trend which was not likely to end for a decade. COVID-19 has accelerated this process and it is unlikely that the spaces emptied out by the epidemic are likely to be filled. The real estate market has changed, and even the idea of owning a home with a mortgage will be hard to sell to many people after this crisis. For after such an event the very question of owing long term debt comes into question. After all if you miss several of these payments you lose your home, and possibly your equity as being in default now or even after the crisis is over will reflect depressed real estate values. People may actually want to downsize to properties they can afford more easily and have a cushion in case of such events.
The idea of Global Trade and the outsourcing of manufacturing can never be looked at the same way again. Nations which outsourced found themselves without N95 Masks, without essential medicines and without access to get these items. It is clear a base of industry has to be maintained, even if it means paying more for items. No large economy in the world can be without the ability to produce Medicines, Automobiles, Aircraft and without a sector which makes a full range of medical devices and protections. In the coming years, a lot more industry may be present in a lot more nations than today.
Empty Planes are flying in many parts of the world right now. As certain flight schedules are mandated. Filling these seats like before will be a great challenge in the months after the pandemic ends.
The idea of travel will change, even when flights resume, it is not likely that people will want to sit closely with each other. In fact there may be a demand by travelers to limit how close seats are together. This will lead to Air Travel becoming more expensive. There also will be demands for better interior Air Quality and prevention illness via technological advancement. This type of advancement may be seen in cars, buses and other modes of transport including ships. The idea that Viruses and Bacteria are can be dangerous organisms will not leave us. We will see a return to the days when elders in households used to talk about the need for hardcore cleaning of the home everyday. The idea that germs are good to build immune systems even if based on merit will be accepted by less people as something to do on a practical basis. The demand for new better cleaning and disinfecting products will create products we cannot imagine today.
The idea of packaging may change, as Virus and Bacterial Resistant packaging may be possible to create. This will be needed, as consumers now are well aware that packing can transmit pathogens. The idea of the Super Market may also have been changed in this Pandemic. There really is no need for most people to enter the Super Market if they can have the same order delivered for near the same price. The trend if prevalent after the Crisis Passes will create a whole new relationship between people and food sourcing.
Technological advancement will occur quicker as demand for computers will again pickup as work shifts to home based jobs. A Renascence may be found for the long neglected Personal Computer, new applications and far more advanced hardware and software will bring Artificial Intelligence to the home based world. The idea of home robots and assistants may become a reality in time. As this type of assistant is not likely to spread germs and can help with tasks which now have to be performed. The world has changed because of a crisis of true epic proportions. It will now be the cause of all of humanity to prevent another crisis such as this from happening again.