COVID-19 - CONSTRUCTION Sector Implications - Commercial Real Estate
COVID-19 – CONSTRUCTION Sector Implications – Commercial Real Estate
As a result of the COVID-19 pandemic, investors, landlords and tenants are assessing impacts, adjusting operations and building and executing contingency plans to support people and their businesses.
The following assesses the impact of COVID-19 on the Construction sector in the Canadian commercial real estate space and how key considerations can help through this changing climate.
Construction
Impact: The risk to construction projects in Canada is low and it appears there will be ample warning of any increase in public health risk.
For most projects, there is no indication of a need for significant change. However, there are project risks that should be addressed, beginning with the highest probability or chance the availability and price of materials may change.
Other risks are: shortages of personal protective equipment that may affect work schedules; project team members being personally impacted by COVID-19; and provincial/municipal officials requiring non-essential workers to stay home.
Key Considerations: Any material delivery delay and cost-escalation impacts should be confirmed, with further steps to be determined based on the degree of impact on the business case.
It’s recommended to also obtain assurances from consultants and trades that they have appropriate internal protocols to contain and prevent their staff from spreading the COVID-19 virus and to ensure continuity of office work.
Changes should be continuously monitored, assessing the public health risk while also developing a response protocol to facilitate rapid response to changes.
Source Real Estate News Exchange. Click here to read a full story
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