Coldwell Banker Real Estate Market Update
Coldwell Banker Bermuda Realty has released their latest Real Estate Market Update, saying that “the commercial market has been presented with a variety of new challenges.”
The May 2020 issue of the company’s commercial newsletter said, “As the world continues to evolve into the new norm, the commercial market has been presented with a variety of new challenges. As an agent who is specifically dedicated to our commercial market, I welcome the opportunity to assist my customers and clients who may be navigating new challenges and exploring new opportunities.
“The recent impact to our economy provides us with the opportunity to reflect on what past decisions have been successful and whether there are others which need to be restructured in order to achieve a positive outcome.
“Through shared experiences, market intelligence, and our agency tools we are well-positioned to offer you guidance and advice.
“Looking at 2019, nine properties were sold at dollar values 50% less than what properties were valued at in the past 4+ years. In Q1 2020, one property has sold in the Northeast Hamilton Economic Empowerment Zone [EEZ].
“The EEZ is an area targeting entrepreneurs to consider developing, renovating, and occupying this section of the city for future owner occupancy or investment purposes. Click here to learn more.
“Mixed-use commercial and residential developments are in demand for our city. For many, this live-work-play lifestyle is a preference to being within walking distance of social hubs and place of employment. This segment of the market won’t be slowing down anytime soon.
“Rosemont City Place Residences are perfect for buyers who wish to live on the edge of our city. Click here to view. Call me if you are interested in learning more.
“Market trends for commercial real estate remains fairly similar from 2019 to 2020 with mergers and acquisitions along with musical chairs triggered by favorable rates and lease negotiations.
“The time has come for many companies with traditional leases of 10+ years to assess the market and determine their options to renew within their current space or relocate their business to another building. From this, amenities and productivity of work spaces such as downsizing and open plan layouts are playing influential roles with this decision making process.
“The Economic Substance Act [ESA] has lead to an increase in enquire. Demand for one or two offices with a shared boardroom is currently the trend and landlords have been quick to respond to this emerging demand. Guidance notes: Click here to view.
“There has been a dynamic shift recently in the world and the advances in technology have provided the tools to work remotely. Globally, we have all taken to video conferencing, virtual conference calls, webinars and other means of staying in touch. Remote working has been a growing popularity on how we conduct business and our lifestyles.
“What will happen in the commercial market next? The answer is unknown as we’re all continuously evolving.
“Whether being a property owner with retail tenants or an investor in a commercial development, we are armed with the technology and resources to show you the way forward, even remotely, using our global network and local knowledge”.
“The Coldwell Banker Commercial National Real Estate Outlook 2020 can be viewed here.
“If you wish to have a free consultation to discuss the market further, contact me at rcorreia@brcl.bm or 441-247-1825. I look forward to hearing from you.“
The full Coldwell Banker Bermuda Realty Market Update follows below [PDF here]:
