CRE Auctions Get Their Moment In The Sun. Will It Last?

The last 280 days of the coronavirus pandemic have been unprecedented, unimaginable and tragic in countless ways. From an economic perspective, where we work, where we eat, where we shop — where we do anything — is still mostly in flux. It’s anyone’s guess what will come back stronger, or perhaps not at all. At every level of real estate and the global economy, people and companies are suffering.

But as a vaccine starts to be distributed, things could start to turn around, and businesses are looking at how their strategy should be different in the new year.

Bisnow reached out to commercial real estate executives across the world — from Calabasas, California, to Birmingham, England, and wherever else the business class is working from home — to ask a simple question: How has 2020 changed the way you're going to run your business moving forward?

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In Case You Missed It...

This series asks rising stars in commercial real estate about their thoughts on some of the biggest issues facing the industry, such as inequality, climate change and technology.

The pandemic has put a strain on midsized real estate companies like Acumen Cos. that own urban apartments, as they have seen vacancy rise with young professional tenants moving home or fleeing to the suburbs. 

Acumen Cos. Chairman Abiud Zerubabel, whose firm owns about 1,000 apartments in D.C., Maryland, Virginia and Los Angeles, said his portfolio experienced a sharp increase in vacancy in May, June and July as its predominantly millennial tenant base moved out. 

He decided to use this difficult situation as an opportunity to pivot his business model. 

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A need for disaster readiness combined with rising sustainability standards across the industry has put a spotlight on a growing niche: underground data centers. 

Read the full story here.