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NYU’s Sam Chandan On The New Behaviors Shaping CRE And How Long A Recovery Could Take

Bisnow has a new podcast chronicling how members of the commercial real estate industry are dealing with the impact of the current global health crisis. The economic impacts are vast, and it is forcing businesses to adapt and make difficult decisions.

In this series, Make Yourself At Home, we are hearing from members of the commercial real estate industry about how they are managing this new reality and gaining insight into their day-to-day approaches. You can subscribe on iTunes and Spotify. 

Sam Chandan, dean of the New York University Schack Institute of Real Estate and the Larry & Klara Silverstein Chair in Real Estate Development & Investment

This week, jobless claims in the United States surged above 20 million, deepening the extent of the economic pain caused by this public health crisis and the extreme measures necessary to try to contain it.

Even when lockdowns ease, most believe that we will not behave in the same ways we did before this pandemic — whether that comes in the form of less office density or widespread avoidance of crowded spaces.

On this week’s episode of Make Yourself At Home, we speak with Sam Chandan, New York University's Larry & Klara Silverstein Chair of Real Estate Development & Investment and the dean of its Schack Institute of Real Estate. He discusses how shifts in the way we use space and interact in the city may impact real estate assets and their values.

We also talk about the real estate job market and how real estate professionals can stay productive during this time of isolation.

“We’ve seen a real sea change ... Just two or three months ago, we were in the tightest labor market that we would have experienced in a generation,” Chandan said.

“Well-prepared students around the country are finding that the immediate opportunity set has certainly shifted," he continued. "There are not necessarily new discretionary construction projects that are kicking off in April and May. At the same time, there is a tremendous amount of work that needs to be done in surveilling, the distressed asset and distressed lending space … So as the opportunities pivot, students are paying close attention to the market.”'