Ben Soifer Uncovers Effects of the COVID-19 on Supply and Demand of Commercial Spaces
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Ben Soifer highlights the challenges facing commercial landlords and tenants and offers solutions from his wealth of experience/.
New York, NY (12th December 2020) – With the COVID-19 pandemic sparking reduced demands for commercial work spaces, real estate veteran, Ben Soifer, has come forward to breakdown the problems at hand and offer up solutions in the form of “flex spaces”.
“All across the country we have seen a big shift in usage when it comes to repurposing commercial space and especially office space,” said Ben Soifer, founder of the Money Management Today podcast. He continued, “Many companies found themselves stuck with space they can’t or will not use given all the restrictions and our new way of life.”
The retail industry has been hard-hit by the emergence of the COVID-19 pandemic. While essential service providers continue to conduct business under strict regulations, non-essential merchants have been closed down and some may never get back up.
The commercial real estate market has taken a nose-dive as well. With nearly 70% of businesses shutdown currently, retail tenants have little or no use for commercial spaces. Corporate organizations have been forced to explore the “work from home” option, and they are not complaining about the money saved from not paying rent on traditional office spaces.
Digging into his years of experience in the real estate market, Ben Soifer indicated that flex spaces could be the desired middle ground for landlords and commercial tenants, especially as the economy is starting to reopen. Traditionally, flex spaces are designed to fit every commercial need of prospective users. They can be used as showrooms, offices or retail outlets when required. Ben Soifer expects that commercial tenants will be yearning for these types of spaces and has moved alert landlords about.
About Ben Soifer
Ben Soifer is very well-revered in the real estate market around America. Growing up in poverty and having to make sacrifices at an early age taught him discipline around money. From selling properties to purchasing and selling real estate, Ben has done it all. Through his podcast, Money Management Today, he is constantly revealing tips and vital information surrounding money.
