Have you wondered what the long-term effect of coronavirus on the office leasing market will be? Will the office space persist as it is?
Here are the major trends in the office leasing market.
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Mandatory stay-at-home orders have permanently shuttered businesses across Los Angeles. Some restaurateurs who have been waiting to start the next hot spot are seeing the opportunity and are doubling-down amid the health crisis.
According to a Yelp study, Los Angeles had nearly 6,000 businesses close since the stay-at-home mandate from March to July. Businesses have had to dig deep to find creative ways to stay afloat amid the COVID 19 pandemic. Some restaurateurs are seeing the opportunity and have jumped in from the sidelines to open their restaurant. Food bloggers like Kat Hong of The Infatuation sites several new restaurants in the Los Angeles area that look to have some great potential.
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There is one topic that's been impossible to ignore for chain restaurant executives in recent months - ghost kitchens, cloud kitchens, or virtual kitchens. It’s yet to be seen how significant these kitchens will become, but there are some indications that the trend is only going to grow.
The mere word “ghost” often causes fear within many people. However, some restaurateurs are starting to embrace this word as a part of their daily activities, creating a new business model with virtual-style restaurants that offer direct delivery. Ghost kitchens take the idea of traditional restaurants and eliminate the role of bartenders, servers, and all other staff, operating with only chefs, dishwashers, managers, line and prep cooks, and delivery drivers. Hence, the term “ghost kitchen” (in simple terms, also known as a delivery-only restaurant).
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Together with almost every other sector of the economy, commercial property has been disrupted by Coronavirus and social distancing. For many years, the main declining CRE sector has been retail. However, this sector is no longer suffering alone, since the pandemic is hurting most other CRE sectors: hospitality, office, multi-family, personal services, restaurant, entertainment, and construction.
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LEED (Leadership in Energy and Environmental Design) is a green building certification system that is internationally recognized and provides third-party verification that a community or a building was built and designed using strategies for improving performance across all the most important metrics: energy savings, CO2 emissions reduction, improved indoor environmental quality, water efficiency, and stewardship of resources. It can be applied to all building types – both commercial and residential.
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On Nov. 3, 2020, voters will decide about the California Schools and Local Community Funding Act, which will end Prop 13 protection for most of California’s commercial real estate.
This voter initiative, if passed, will require all California commercial real estate — with some exceptions — to be assessed at current market value.
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