There’s no question that within the last few months, COVID-19 has drastically changed the real estate industry. The commercial real estate world has seen the most notable changes, but residential buildings are feeling the aftershock. In looking forward to future developments in a large city like Chicago, how could COVID-19 change residential spaces?
While one recent article from Chicago Magazine speculates that it will change the priorities of balconies and outdoor spaces, we estimate that condominiums and multi-family homes may see a few more trends rise in popularity. Private outdoor space is already considered a luxury in the heart of the city, but it may become the norm as the city recovers from the pandemic. With many companies working from home past the shelter-in-place orders, home office space may also be a necessity for many buyers and renters. For larger multi-family condominiums and apartments, amenity spaces could become even more important than ever. After months of working out from the comfort of home, some residents might want to keep it that way. Ultimately, the way COVID-19 has affected our lives may in fact change the way we develop and look for real estate.
So what does this mean if you’re navigating the Chicago real estate market? For renters and buyers, this means you can have big expectations for amenity spaces and services provided by management within larger buildings or high-rises. For sellers, staging an in-home office or wellness space may help speak to some of those needs. And if you’re working with a realtor, make sure to be clear and transparent with your needs and expectations so they can tailor your search precisely.
As Chicago continues to work through the COVID-19 pandemic, we remain curious as to how trends may change and eager to be a part of a growing, dynamic industry.