The Real Estate Sector Got Slugged by COVID. How Managing Vacant Building Risk Is Now a High Priority

From shortages of personal protective equipment to checking employees’ temperatures, to sending staff to work at home for an unspecified time frame, the COVID-19 pandemic has presented challenges for businesses that once seemed unimaginable.

One challenge expected to continue in 2021 and beyond is a rising tide of businesses that will vacate buildings because they are struggling to survive or are facing bankruptcy due to the pandemic.

Statistics show that the pandemic is already impacting vacancies.

In the retail arena, for instance, vacancies skyrocketed in the U.S., according to Statista, which reports that retail vacancy rates grew to 20% in the second quarter of 2020 compared to about 11.4% in the second quarter of 2019.