Thursday, August 13, 2020
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Real Estate Companies Breathe a Sigh of Relief as the Impact of Covid is Less Severe than Expected

The boom in working from home and the closure of large retail stores caused the Socimis and developers to worry about how the pandemic would affect their businesses. However, the start of the new normal is proving to be better than expected.

Las Ramblas in Barcelona in the midst of the State of Emergency. Photo by Ikumaru.

On 14 March, the Spanish government decreed a State of Emergency to try to curb the Covid-19 pandemic that is still plaguing the world. It lasted for three months, during which time thousands of office buildings and shopping centres were left empty, with employees working from home and consumers being forced to make non-essential purchases exclusively online.

The direct consequence of this lockdown was felt by the owners of those properties, who saw how their tenants were able to carry on their business activities beyond their buildings. It caused them to question their future income, given the rise of two important trends: working from home and e-commerce.

Read the full article in Spanish.

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