A Transformative Year: Impacts of 2020 on Real Estate
This report presents results from a Spring 2021 ULI survey that took the pulse of building owners and managers about the impacts of the past year, and especially the COVID-19 pandemic, on operations, finances, and DEI strategies. The coronavirus pandemic has had profound impacts on the ways that commercial buildings are operated and managed. From enhancing indoor air quality with increased ventilation and filtration, to enforcing social distancing regulations and mask requirements, to other changes, building management practices have shifted significantly in a bid to make people feel safer about gathering in indoor spaces.
As the pandemic recedes in the United States, the survey results provide early insights on which changes are here to stay, and which are likely to be temporary. In addition, the financial impacts of the pandemic on commercial real estate are continuing to unfold, and the survey results indicate not only how the pandemic has impacted finances and leasing so far but also what changes real estate professionals expect will occur over the next months and years. Finally, the racial reckoning of the past year has led companies to adopt a variety of DEI strategies, as described in the report.
To showcase these insights and results in a series of visuals and facilitate the sharing of the key takeaways, this report is formatted as a slide deck.
Key takeaways include:
- Building managers and operators pivoted quickly to respond to the pandemic
- Advanced filtration, mask wearing, temperature checks, and other measures were prevalent, as were enhanced communication strategies
- Survey respondents forecast that many health-oriented building changes are here to stay
- The industry wanted more guidance from government and other sources on how to navigate an unprecedented situation, especially when it comes to the COVID response
- Flexibility was prevalent in navigating the financial impacts of the pandemic, with 80% of respondents implementing rent concessions and other measures
- Many companies responded to the country’s racial reckoning by adopting enhanced DEI measures
Report Summary: This report presents results from a Spring 2021 ULI survey that took the pulse of building owners and managers about the impacts of the past year, and especially the COVID-19 pandemic, on operations, finances, and DEI strategies. The coronavirus pandemic has had profound impacts on the ways that commercial buildings are operated and managed. From enhancing indoor air quality with increased ventilation and filtration, to enforcing social distancing regulations and mask requirements, to other changes, building management practices have shifted significantly in a bid to make people feel safer about gathering in indoor spaces.
As the pandemic recedes in the United States, the survey results provide early insights on which changes are here to stay, and which are likely to be temporary. In addition, the financial impacts of the pandemic on commercial real estate are continuing to unfold, and the survey results indicate not only how the pandemic has impacted finances and leasing so far but also what changes real estate professionals expect will occur over the next months and years. Finally, the racial reckoning of the past year has led companies to adopt a variety of DEI strategies, as described in the report.
To showcase these insights and results in a series of visuals and facilitate the sharing of the key takeaways, this report is formatted as a slide deck.
Key takeaways include:
- Building managers and operators pivoted quickly to respond to the pandemic
- Advanced filtration, mask wearing, temperature checks, and other measures were prevalent, as were enhanced communication strategies
- Survey respondents forecast that many health-oriented building changes are here to stay
- The industry wanted more guidance from government and other sources on how to navigate an unprecedented situation, especially when it comes to the COVID response
- Flexibility was prevalent in navigating the financial impacts of the pandemic, with 80% of respondents implementing rent concessions and other measures
- Many companies responded to the country’s racial reckoning by adopting enhanced DEI measures