CAPRE Exclusive: COVID-Proofing Office and Retail Real Estate in Greater New York

The COVID-19 pandemic has halted many aspects of American life. However, in a return to normalcy in conjunction with the vaccine rollout, many commercial buildings are attempting to reopen. The steps to reopening commercial assets in a safe and effective manner are no easy task – and were the key discussion area of CAPRE’s latest virtual event, Safely Preparing Your Facility For Employee And Visitor Re-Entry, on December 15, 2020. The virtual event covered the big picture strategy for safely preparing commercial real estate assets for re-entry, and featured the insight of five industry leaders: Daniel Gold, President – Americas, CrucialTrak, Inc. Michael Feldman, Co-Founder & Director of Operations, Choice New York Management Kyle Inserra, Associate Director – Restaurant Growth Strategist, Sabre Real Estate Advisors Kristen S. Pappas, Senior Vice President of Property Management & Construction, Onyx Equities Dr. Curtis White, CTO, ViaClean Technologies The session kicked off with a poll for the audience in attendance: "What percentage of your staff have returned to the office?" with four options. While the audience deliberated, moderator Brian Klebash, Founder & CEO of CAPRE, turned to Pappas for the first question of the session, asking if NYC vacancy and occupancy rates for office product are about the same as New Jersey. "I think our occupancy rates might be a little higher," she replied. "We're seeing the numbers creep up in the low 20% amount right now for occupancy. Vacancy has stayed pretty static,…