Mike Eisenga Discusses the Impact of the Coronavirus Pandemic on Commercial Real Estate
Michael Eisenga, a successful real estate and business investor, gives an overview of the trends in the commercial real estate industry caused by COVID-19.
COLUMBUS, WISCONSIN, U.S. February 18, 2021 /EINPresswire.com/ – Mike Eisenga is a man of many accomplishments. With over 20 years of banking and finance experience, he knows firsthand how a declining economy can affect industry (as in the 2007 economic crisis).
Some reports suggest that the COVID-19 pandemic is having an even bigger impact on commercial real estate than the global financial crisis 14 years ago.
“The difference between then and now is that the 2007 crisis had to do with credit and liquidity. What we are seeing now is more the disruption of demand for space in various industries. See the restaurant, retail and office space a decline while the industrial sector is developing, ”said Mike Eisenga.
Mr Eisenga stated that certain properties, such as those in the hotel sector, will continue to face major challenges and stresses as air travel, events and tourism have seen such a sharp decline. How quickly this industry will recover will depend on how long the pandemic lasts.
Traditional office spaces will have to be redefined in the future as the open office plan is officially a thing of the past. Many companies focus on creating more flexible work options and improving employee productivity.
Retailers are particularly hard hit right now as fewer people go to brick-and-mortar malls and shop online instead. This is not a trend that is likely to go away in the years to come. Retailers who don’t yet have a solid online presence need to invest in digital marketing to keep reaching their customers.
On the contrary, the demand for storage space is growing as more and more e-commerce companies need space to store their products.
“Some of the trends that inspire me in commercial real estate are warehouse and industrial space. I think that they will be needed more over time, ”explained Michael Eisenga.
In addition to disrupting demand, COVID-19 disrupted the way business is done in the commercial real estate sector. Beyond the extended deadlines for transactions, investors have had to put in place COVID-safe processes to complete site visits, reviews, and even document signatures.
Despite all of these extensive changes, Eisenga says savvy investors continue to look for new projects and properties. Time calls for forward-thinking and thorough research, but commercial real estate investors can ensure their business is successful through proper preparation.
About Michael Eisenga
Michael Eisenga is a successful commercial real estate investor with a banking and financial background. He is the former mayor of the city of Columbus. As President of American Lending Solutions, a mortgage lending company he founded and operated from 2000 to 2018, and First American Properties, he has many years of experience creating and operating successful businesses. Mr. Eisenga is also dedicated to real estate development and construction, primarily serving smaller local communities and the senior housing sector.
Michael S. Eisenga
First American real estate
[email protected]
+1 920-350-6000
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February 18, 2021 at 7:16 PM GMT
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