Coronavirus Impacts Commercial Real Estate and Related Jobs

The North Texas real estate market and the jobs that depend on it are one of the many industries impacted by the coronavirus pandemic. How serious the damage will be is not yet clear, but Southern Methodist University business professor Mike Davis said he did not expect a rapid recovery. “We know things are going to be different,” he said. “We’re entering into this horrific recession and recessions this bad, you feel the echoes of that for two or three, maybe even longer, years after that.” The drastic hit to aviation and the hospitality industry could cripple future construction of hotels and airport-related business. Shopping center development that was already hurt by a shift to online shopping may decline further as customers become even more accustom to e-commerce during forced time at home. Employment and job opportunities will be hurt. “We’re going to see a fundamental shift in the way we shop and the way we do business. That may mean fewer people getting on airplanes, which means fewer sales at all those food places and shopping places at the airport,” Davis said. “It could mean more on line sales as more people discover that’s just a good way to do business.” Click to read more at