Huber Bongolan

Commercial Real Estate Outlook: We Must Plan Today To Build Tomorrow’s Downtown

Read: 11/2020, Source

  • We must keep building today for the downtowns of tomorrow. The Covid-19 crisis will pass and the economy will recover. People will return to offices, eat in restaurants, gather at bars, travel and stay in hotels. After all, most of us are social creatures drawn to vibrant city life.
  • Real estate developers aren’t stopping; we are adapting. 
  • There’s a common denominator across the industry: safety first.
  • Here’s what it looks like: More square footage and outdoor spaces so workers, residents, diners and shoppers aren’t on top of each other. Touchless environments where hand gestures will operate everything from doors to elevators to bathroom fixtures. HVAC systems with cutting-edge air filtration. High-tech sanitation systems ranging from hydrogen peroxide halos to bipolar ionization. 
  • According to a survey released in October by Morning Consult, 42% of U.S. adults said they are comfortable dining out now, the highest share since June. 
  • Another poll by Atom Tickets asked folks if they’d go to movie theaters when they reopen, and only 1% said never. Nearly 60% said they’d return immediately or within a month. 
  • Hotels will normalize, too. Occupancy rates have slowly risen to over 48% nationwide.
  • Our downtowns represent the vital heartbeat of urban America. They may be quiet today, but they will roar back to life tomorrow.

Published by CredibleCRE

Huber Bongolan has 9 years of experience in commercial and residential real estate finance. Mr. Bongolan has sourced $700+ million in debt and equity financing for land, construction, bridge, and permanent deals in all product types. Huber received a double bachelors, Business Economics and International Studies, from UC Irvine where he graduated Cum Laude. He then earned a double masters, MBA and MRED, with Program Distinctions, from University of Southern California. Mr. Bongolan is an Eagle Scout in the Boy Scouts of America, and holds leadership positions in both ULI (Urban Land Institute) and FIIRE (Filipinos in Institutional Real Estate). He enjoys competitive sports, mentoring youth, and teaching personal finance. Huber also enjoys writing about Real Estate trending topics and education. His blog posts can be found on https://medium.com/@huber_60971

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