Don’t Let Commercial Real Estate Pressures Impact Your Economic Development Goals

5 Jun 2024

News, Client Feature Article

This article originally appeared on and was written for Convergent Nonprofit Solutions by Golden Shovel Agency.

The economic landscapes of communities nationwide are as unsettled as ever. One facet of this reality is the state of commercial real estate. Beginning with government-imposed shutdowns and social distancing during the COVID-19 pandemic, businesses and individuals have changed their habits, incorporating remote or hybrid work practices into daily life. As a result, the need for large corporate offices or brick-and-mortar stores has declined. Despite returns toward pre-pandemic norms, the current commercial real estate landscape presents a troubling future. Economic development organizations must account for this potential impact on their communities and be proactive to address the new normal.

Debt and vacancies

Many financial experts exhibit serious concern about the potential impact of the current state of commercial real estate. The Mortgage Bankers Association has reported approximately $1.2 trillion of commercial mortgage debt will mature through 2025. The most troubling is office space, where CommercialEdge indicates nearly $150 billion in mortgages on office buildings are maturing by the end of 2024. Vacancies continue to increase, with the national rate rising to 18.2% in November.

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About The Author

Chuck Friedbauer

Director of Content Management

Department: Content, GateKeeper

Shaping Strategic Narratives to Drive Economic Growth

Chuck Friedbauer has served Golden Shovel’s clients as the Director of Content Management for over five years. With a unique background in journalism and engineering, Chuck leads the team of talented writers responsible for supporting Golden Shovel's clients by creating various forms of content, such as custom success stories, SEO-focused narratives, website development, and marketing strategy.

Chuck’s work in the economic development industry has focused on crafting compelling narratives that resonate with site selectors, businesses, and potential investors. He has played a vital role in helping communities communicate their unique economic advantages and growth opportunities.

His expertise lies in creating content that informs and inspires action, helping clients achieve their goals of economic growth and community development. At Golden Shovel, Chuck has contributed to various marketing and branding campaigns, utilizing SEO, content creation, and social media strategies to boost visibility and engagement. His leadership in content development has been essential in shaping how Golden Shovel tells the story of economic growth across the country.

With a passion for effective communication and strategic marketing, Chuck enjoys merging his technical background with inspiring economic success stories. His commitment to clients is to empower economic developers through impactful content that supports the growth of communities nationwide.

Based in Minneapolis, MN, he loves fly fishing, backpacking, and outdoor activities.

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