The Houston Texas commercial real estate market forecast for 2021 could bring some welcome changes in the small business space. Although, this is nearly completely dependent on how circumstances change and what unfolds in regard to the pandemic and effectiveness of vaccines. Presently, there are portions of the Houston commercial real estate market that are benefiting from the situation. But, others have taken a substantial hit. Read on to learn more about the Houston Texas commercial real estate market and what might occur over the next twelve months.
The Houston Texas commercial real estate market forecast for 2021 is quite uncertain at this time. But, if present factors persist, some commercial real estate uses will continue to benefit. Those being, grocery, health care, home improvement, pharmacy, and home goods. Meanwhile, other commercial spaces, such as those occupied by small independent retailers and restaurants will likely not rebound unless the Houston economy is fully opened up. Other commercial spaces that could continue to suffer are hospitality, movie theaters, and those offering recreational activities, such as sporting events.
Although, if the metro economy is largely opened, and people are allowed to resume most of their normal day-to-day lives, many small independent businesses will be able to reemerge and even thrive. Of course, large national and regional chains will probably fare best, while small independent businesses could see an uptick in their revenues if the circumstances change. The Houston commercial real estate market for 2021 will almost entirely depend on the presence or absence of the pandemic, the effectiveness of a vaccine, and the lessening of restrictions.