Updates on commercial, multifamily and self-storage during the COVID-19 pandemic presented by Matrix experts
SANTA BARBARA, Calif., April 6, 2020 – With the U.S. now leading the world in active cases of the COVID-19 virus, nationwide non-essential business shutdowns and accelerating unemployment numbers, real estate markets will clearly be affected by the ongoing pandemic.
Yardi Matrix held three webinars this week to address market impacts for the commercial, multifamily and self-storage industries. Thousands of real estate professionals nationwide logged in to hear data-based insights from a team of experts led by Jeff Adler, vice president of Yardi Matrix.
Commercial real estate will likely see varying impacts of COVID-19, tied to the business sectors occupying various asset classes. Industrial will be the least affected as e-commerce is buoyed by stay home orders. Brick-and-mortar retail will be hardest hit, and the impact on the office market will be based on how long companies stay closed. View the full commercial webinar presentation.
In the multifamily sector, demand for apartments has already dropped by double digits, and lease-ups will likely be intensely impacted by the crisis. As many as 1 in 9 Americans indicated in a major survey that they may not be able to pay their mortgage or rent in April due to unemployment or other loss of income associated with the pandemic.
Owners and managers are urged to communicate with residents to learn about their circumstances, using safe social distancing best practices. “We are seeing the rapid adoption of technology tools to run (multifamily) operations from a distance,” said Adler. View the full multifamily webinar recording.
Though the ultimate result of this unprecedented situation will roll out in the coming months across all sectors, early indicators suggest that self storage investments may be equipped to weather the storm, Adler shared. Consumer demand is stable or growing, and when demand for apartments goes down, demand for storage typically goes up. View the full self storage webinar recording.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.
About Yardi
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.