COVID-19 and Impact on the Commercial Property Markets

Rob Jones

2020 corona virus and its impact on commercial property markets
Corona virus pandemic has disrupted the whole of the world. It has spread to over 200 countries, causing panic at work and home too. The government has announced lockdown, and no one’s willing to get out of the house and work. Its been almost three months since we are going through this situation. Wellington, New Zealand, is facing the same location. Since the lockdown has begun due to the coronavirus, it has effected real estate businesses, the most significant impact on commercial property markets likely to be in development, finance, hotel, retail, and industrial sectors; hence disrupting the economy of wellington, New Zealand a lot. 2020 corona virus and its impact on commercial property markets
The commercial property business is mostly shut down, and the other ones are trying to compete while working from home. During this situation, many events that gather commercial property agencies, investors, and other experts are postponed, airlines are not operating, and hence it is going to negatively impact the profitable property business in Wellington, New Zealand. Not only this, but the predictability of the projects to succeed is also being affected. Furthermore, the government has instructed the nations to stay calm, which is not possible due to the circumstances. The economy is affected as productivity is declining significantly. The motivation level is zero. Depression itself generates — it’s not just mental health, but physical health tends to do very poorly. We all suffering from trauma and severe anxiety. The lower-paid employees are just losing their income as they cannot work from home. People working as daily wagers are, on the other hand, very much worried about their kids and family. Change in the costumer’s preferences and their buying habits is also one of the most significant reasons for the people working in the real estate agencies and changed the statics too. The global supply chain is being affected too. We all can only hope for the best for ourselves and our futures so that we can go through this situation. The goods can not be exported or imported for the buildings, so the traffic is delayed until mid-summer or late spring. All we need to do now is to stay motivated and hope for the best. As much as we will stay at home, the earlier the pandemic will stop spreading. We all should take care of the people surrounding us. This includes staying and home and looking if they are hungry or not. If so, we have to provide them food. I would like to urge everyone to stay at home until this whole situation becomes stable enough. This will not only help us to start working again in our commercial property markets but will also help us to improve the economy of Wellington, New Zealand.

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