One of the biggest changes in the post COVID-19 business world will be the relationship between companies and employees. The unemployment rate will be much higher than it has been in several years. But this does not mean employers will be in the driver seat. The best employees will have learned from this crisis and will choose to work for employers that have not only the proper financial plan but also a strong culture. One of the biggest hit industries will be commercial real estate, especially in big cities. Commercial real estate has continued to flourish in some cities in recent years, partially because of flexible workspaces. Now, those workspaces will be retracting, and big companies are already considering work from home as a constant option going forward. Many cities will find that their commercial real estate is overbuilt and will experience downward price pressure for years to come.
This article was written by Kenneth Frawley – TAB Business Owner / Facilitator / Coach, Brooklyn, New York. At TAB we provide peer advisory groups (Boards) and 1-on-1 coaching for selected owners of non-competing privately held businesses. Owners get the benefits of practical real world actionable advice from their peers in a monthly structured board setting, as well as private monthly business coaching sessions at their office to work on strategies and plans. If you believe The Alternative Board® could be of value to you, I will welcome the opportunity to talk with you further and explain our evaluation process, cost structure and the breadth and types of businesses in our membership.