Sell for More News is a weekly blog series with interesting information from the world of commercial real estate.
Here are some positive trends to watch out for:
- Pop-up, mobile, and drive-through businesses that don’t require people to get out of the car will flourish.
- More companies will realize the massive benefits of allowing their employees to work remotely. The cost savings will be immense and office occupancy, on average, will shrink for many white collar companies. For those who enjoy and can benefit from remote-work, this will become the new norm for millions. Keep in mind, it’s hard to take away a perk…like no commute…once an employee has gotten used to it. Look for employers to acquiesce…and sometimes do so in exchange for lower compensation and/or a 4 day work week. I think the work from home trend ultimately puts downward pressure on wages because proximity to an office becomes less important when hiring talent.
- Biometric technologies such as fingerprint and palm scanners, due to their ability to transmit disease, will be replaced by contactless readers such as facial recognition devices.
- Millions of people, both children and adults, will be exposed to the benefits of online learning and will continue to utilize it long after the virus panic ends. And they aren’t going to pay as much to get it. This will put pressure on colleges to evolve and become more customer focused.
- Innovative medical technologies and treatments will be created as a result of efforts to manage the virus. These technologies and treatments will better position us for the next new virus.
- Industries that are still utilizing paper will finally realize they really don’t need it and will almost completely convert to digital documentation.
- The idea that cash can carry disease will drive the increased roll out of contactless Point of Sale (POS) systems. Payment using phones and wearable devices will become ubiquitous.
- Rapid advances in Internet of Things (IoT) and robotics will usher in a new era of uses, such as automated robotic sanitization of subways, sports arenas, and anywhere else large masses of people congregate. Amazon is already using thermal scanners to flag potentially sick employees.
So, maybe the great virus panic of 2020 wasn’t all bad. This too shall pass…and when it does the world will be a better place to live, work and learn.
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About Beau Beach, MBA CCIM
Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.
Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee and South Florida markets.
He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.
Beau can be reached at 800-721-3287, click to schedule a call or Beau@soldbybeachwood.com