Within the next week, David Marino will list nearly 300,000 square feet of sublease office space in Sorrento Mesa that current tenants no longer need.
For Marino, a principal at the Hughes Marino commercial real estate brokerage firm that specializes in representing tenants, these subleases are an early wave of what he expects to be a tsunami of unwanted office space flooding the market in coming months in the wake of COVID-19 shutdowns.
Social distancing, plunging revenue and layoffs already have wreaked havoc on certain commercial real estate sectors, such as hotels, malls, movie theaters and non-essential retail.
Office space could be next.
“Most companies have now realized that they can work as effectively remotely, and some employees actually like it,” said Marino. “Office tenants contemplating their future requirements are going to be leasing less space than they have now.”
That could create ballooning supply starting this summer — a surplus that might make the Tech Wreck of 2000 and the Great Recession of 2008-09 “look like a rounding error,” said Marino.
read more at: https://www.sandiegouniontribune.com/business/story/2020-06-20/coronavirus-fallout-is-commercial-real-estate-headed-for-a-crash
Just imagine. You can’t get any hot water, so you go down to the basement and find your water heater has given up the ghost, and it’s flooding the floor.
Or your selling your home or refinancing and have to have required inspections.
So, what’s the best way to stay safe when you must let a repair, inspector or delivery person into your home? Doctors and researchers say it is not impossible to be safe. They also say that because it could be years before there is a vaccine for the virus and at least several months before there are safe, effective treatments to treat the virus before it becomes acute in a patient, people need to embrace new protocols for daily life. And daily life is going to involve some malfunction or breakdown of essential equipment in your home.
Call ahead or look online to find out what kind of safety procedures and protocols they have in place to protect workers and customers,” Dr. Lawrence said. “That should include masks, cleaning supplies, sanitizer that they bring with them.
read more at: https://www.ajc.com/lifestyles/health/how-take-carewith-home-repair/FRAwyVzqJyx9DQgVHR30hO/