Industrial supply and demand changes daily due to COVID-19
- Many industrial businesses remain open in order to manufacture and deliver necessities throughout the nation during the Coronavirus pandemic.
- Due to continuing demand, construction will be delayed but continues despite COVID-19 set-backs.
- The actual effects of the outbreak of COVID-19 on the industrial real estate sectors will not be realized for several quarters.
Demand accelerates within industrial sectors
Greenville-Spartanburg market activity was positive, but minimal throughout the first quarter of 2020. However, at the end of the first quarter the COVID-19 outbreak began altering the supply/demand chain on a daily basis. While many businesses switched to remote work environments, companies involved in the logistics chain were deemed essential. They continued to operate at an accelerated pace in order to deliver goods where they were needed throughout the nation. In addition, some industrial properties are being used for medical supplies or temporarily repurposed in order to make essential medical equipment when possible. While the industrial sectors of commercial real estate may fare better than others due to continued demand, the true effects of the Coronavirus will not be known for several quarters.
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