If you had to pick a single through line to sum up commercial real estate in 2021, you might try something like this: After spending the last two years hunkered down at home, people aren’t sure they ever want to leave.
From workplaces to retail, industrial to proptech, many of the major trends apparent over the last 12 months revolved around either coaxing the house-bound masses back out into the wider world or, barring that, meeting them at their doorstep.
DH Property Holdings President Dov Hertz agreed that supply of industrial space capable of serving Brooklyn and Queens is inherently limited. He suggested that developers might next look to the stock of old outer-borough industrial buildings once targeted for conversion to creative office space.
“That never really happened [at a large scale],” Hertz said. “So you might see those being reconverted to industrial uses, but with some reconfiguration, because as they are today they don’t really work.”
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DH Property Holdings is a leading real estate development, investment and asset management firm focusing on complex industrial distribution warehouses in dense, urban-core areas.
