James C. Dragon, a respected commercial real estate developer and entrepreneur, discusses how COVID-19 has impacted and will continue to affect the commercial real estate industry.
He is a well-known commercial real estate developer and accomplished entrepreneur in the Greater Boston, Massachusetts area, discusses the future of commercial real estate in the wake of the COVID-19 pandemic.
Dragon is a well-respected professional who is highly invested in commercial real estate within the city of Lowell and surrounding areas. He brings more than 30 years of career experience to the table as both an attorney and a commercial real estate developer. Dragon has worked in commercial real estate development with his wife, Efthemia “Effie” Poulakos Dragon, since the year 2000. He is also a managing partner and owner at Central Plaza Realty and Development Company.
Given his extensive experience, James C. Dragon has an outlook and predictions regarding COVID-19’s impact on commercial real estate are quite valuable. The commercial real estate industry suffered setbacks during the COVID-19 pandemic in 2020 and 2021. While some sectors still have a long road ahead in terms of recovery, commercial real estate in general has a positive outlook in 2022 and beyond.
The COVID-19 pandemic caused some serious and unexpected consequences for the commercial real estate industry. Forced and voluntary business closures and stay-at-home orders have especially hit the hospitality and retail industries. These industries will likely see long-term effects as they struggle to recover and regain their customer base. Mid-market office space—though not hit quite as hard as the hospitality and retail sectors—will likely see some long-term effects from the COVID-19 pandemic, as well.
James C. Dragon notes that long-term, more commercial businesses may see a continued movement toward online retail rather than brick-and-mortar buildings. But despite recent setbacks and the changes they are necessitating in the commercial real estate world, the future of the commercial real estate industry continues to look positive overall.
In major cities, brick-and-mortar office buildings are unlikely to go away anytime soon. Technological advances affect prime office space in a positive way. The increased use of technology in office buildings located in major cities is likely to improve the value of face-to-face interactions. Suburban office markets, on the other hand, may not bounce back as strongly as their big-city counterparts.
Professionals in the commercial real estate industry should watch out for lingering impacts affecting their investments. Inflation, increased construction material costs, labor shortages, and interest rate hikes are all likely outcomes moving forward. So, while the commercial real estate industry is finding innovative ways to rebound and come back strong after years of pandemic-related distress, it’s necessary for the public and private sectors to cooperate to prioritize infrastructure for the good of the economy.
About James Dragon
James C. Dragon is a commercial real estate developer and entrepreneur who brings over 30 years of career experience, including nearly 15 years working as an attorney. Since 2000, he has worked in commercial real estate development with his wife, Efthemia “Effie” Poulakos Dragon in the Greater Boston, Massachusetts area. Dragon is currently a managing partner and owner at Central Plaza Realty and Development Company, a position he has held since 2003. He is passionate about commercial real estate development, especially within the city of Lowell, the third-largest in Greater Boston, and the fifth-largest in the Bay State.