There was a lot of bad news to go around in 2020, as many businesses in Arizona were affected by the COVID-19 pandemic. As our attention turns to what lies ahead in 2021, it’s still not quite clear how much damage the pandemic had on the various commercial real estate sectors.
In the Greater Phoenix multifamily, industrial and land markets, that damage was minimal, as those sectors enter 2021 with strong momentum that looks like it will carry well into next year. The office and retail markets, however, weren’t so lucky. How people work and buy goods during a pandemic continue to evolve, and both sectors head into 2021 with a lot of questions about how much space will companies use in the future, and will people return to the store after spending a better part of a year doing their shopping online.
AZRE Magazine talked to experts on the various commercial real estate sectors to get their insight on what we can expect in 2021.
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