The coronavirus pandemic has intensified risk management, requiring managers and workers to adapt to remote work, learn new techniques, and find ways to support consumers and clients.
For businesses, governments, and individuals, the Covid-19 crisis, especially the lockdown and their effects on enterprises, has been an eye-opener. With the challenges posed, it’s probably a better investment of valuable time and effort to ponder the many lessons – some tough to swallow and be able to integrate them into our future business and investment plans and strategies.
The property sector in Africa will find this approach quite critical as it enjoys the ability to reset its economic development compass with ease, unlike the developed continents.
Property stakeholders have been left to rethink how they can adapt or retrofit what they already have in place to a post corvid reality.
Africa’s property has immense opportunities to leverage the pandemic lessons as a springboard for the type of future-focused property development that could very well position the continent as a global property leader.
For instance, the hospitality sector was undoubtedly the hardest hit by the pandemic, with revenues coming to a complete and sudden halt as travel was shut down. Interestingly, this is probably also the sector that will be least changed by Covid-19 in the long-term.
However, the sector still requires changes to match with the world, which has become more mobile going forward. SMEs are not to be left behind as they are often heard crying about how their competitors have access to technology just because they are big players. It is time to make the right changes.
The pandemic proved that we no longer need the office space, as people have resulted in working from home, which means that the workplace ecosystem will have no option but to transform with the stakeholders being left to think on the office’s role space.
Rental developers will need to understand the need for isolation centers, whereas the tenants understand the importance of human interaction. These will enable the developers to change the focus from shopping centers to holistic experience destinations.
Moving forward, sector participants will need to carefully and strategically think about where to locate future light industrial developments for maximum exposure and leverage.
No one can predict what the future holds. Hence, every stakeholder needs to be vigilant and recognize and strengthen resilience to emerge more robust and more agile than ever from this horrific event.
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