At Horizon Commercial Real Estate, we recognize that the events of the past year have made many Oklahomans question whether or not they should invest in commercial real estate OKC. Fortunately, commercial real estate in Oklahoma is still a good investment for most people. You just need to do your research before making a final decision.
Types of Commercial Real Estate in Oklahoma
As the country has changed, so has the need of consumers and businesses that drive the commercial real estate market. These shifts in consumer needs and wants have caused specific sectors in real estate to diminish while others have grown.
Industrial Commercial Real Estate OKC
More people began shopping online in recent years. COVID caused that number to grow and spurred many people to open their own businesses. As a result, there is still a need for warehouses and other industrial properties, particularly in Oklahoma, which has not faced the level of closures that many other states have. Distribution centers, for example, are in great demand right now, and that need will probably grow with time.
Retail and Restaurants
It is common knowledge that retail businesses and restaurants have struggled since the beginning of the pandemic. There are, however, two positive things to consider when it comes to the return of retail and restaurants.
Vaccines – With the development of the vaccine, more people are comfortable going into public places again. While traditional retail might not ever be what it was, people still want to gather together. Additionally, many will still want to see what they purchase ahead of time.
Dark stores – A dark store relies on curbside pickup and same-day delivery. Stores and restaurants that offer these services have a greater chance of success.
Retailers who take the opportunity to adjust their strategies to meet the changing needs of their clientele will have a greater chance of success.
Office Space
As more people worked from home, some companies realized that they did not need everyone to come to the office on a daily basis. Employers are beginning to realize that they may not need the space that they once thought they did. The impact of declining office space does not mean that offices are going to disappear.
Flexible office spaces will be in demand, and some companies are considering office space upgrades to make the work environment more enticing to help attract and retain the best employees.
Oklahoma has not been unscathed by the pandemic, but we have not faced the same damage that other states have. As our state continues to develop and attract new businesses, the value of commercial real estate OKC will increase as it always does after a recession.
If you are interested in investing in real estate, the team at Horizon Commercial Real Estate is here to answer any questions you may have and help you make the best choices based on your needs and expectations. We will use our knowledge of the market to your advantage. Please contact us.