In the space of just a few weeks the outlook for the US commercial real estate sector, to say nothing of the overall economy, has been utterly upended. Research firms are adjusting their initial expectations that the coronavirus would leave just a glancing blow on the industry.
A new report from CBRE finds that the US is in recession with GDP declines expected in the first and second quarter. It forecasts that the economy will stabilize in the third quarter, start to recover in the fourth, and grow at more than 5% in 2021 due to pent-up demand and major government stimulus.
Read more...CRE’s Recovery Will Take At Least a Year, Trailing the Economic Rebound, CBRE Says via GlobeSt