COVID CHANGED REAL ESTATE

The coronavirus crisis has not only changed how we buy property but also how we see a space. More than ever space, especially office space, is so important as more and more business' have chosen to close the office and work from home.

What does this mean? Location matters less, now that the office is in our living room or kitchen. Size at home does matter as we limit our outdoor exploration and need to build a safe base at home. These strange realities have pushed real estate into a whole new direction.

The advancement of social with technology encourages interactions from afar. These have helped provide us with comfort and sanity in some cases. Virtual reality allows us to exercise (or at least make us feel) like we are outside amongst it all. Purchasing and renting homes happening site unseen or even with just a facetime/ skype phone call. But, with all these advancements comes critics. The idea that if all technology and interactions are online what happens to privacy. How secure will out networks and homes be?

The new phase in major developments are bringing about systems that automatically sanitise surfaces, diffuse viruses and assuage resident fears. These types of buildings will attract those less ascertain of the future ahead. In general there is an industrywide push to refine and better circulate the air in areas such as elevators, and lobbies. This would be beneficial in reducing the spread of any air born virus. This is being taken as far as trying to increase the standard air-filter rating but, realistically can the older buildings cope and be modernised to meet these high standards.

It has changed how we will construct our space. In the past in city dwellings larger space has been provided to the amenities and less space to the actual unit / apartment. However, during the pandemic these spaces were virtually used to collect dust whilst they sat unused and fading with lack of use.

It has given some small companies the boost in funding needed to excel their products. For example, a company called Latch develops touchless entry, being able to adjust temperature and open doors with an app on their phone. It has also changed some services from being amenities to now essential utilities. An example is Wifi in affordable housing. Without it, during the pandemic, you cannot achieve anything.

If anything we can take from this is that we care about changing our daily routines from checking mail, to the way we shop, to daily sanitisation needs.