2020 Q1 Industrial Report
While the industrial market can’t fully escape the grasp of the disruptive and deadly pandemic, by and large, the industrial sector has outperformed the other commercial real estate asset classes both locally and nationally. In fact, certain subsectors of the industrial market like last mile distribution, data centers and cold storage have been thrusted into the spotlight as the nation embraces e-commerce.
2020 Q1 Office Report
In what felt like the blink of an eye, the commercial real estate market shifted from a healthy, sustainable and predictable climate to an environment where the short-term outlook is clouded with uncertainty. Prior to the COVID-19 pandemic, the office market was on solid footing as demand for space remained competitive even as lease rates were continuing their decade long ascent. While there will no doubt be a slowdown in people and companies re-locating to the metro area over the next few quarters, once the nation is able to put the pandemic in the rearview mirror, it’s a safe bet to assume that the moving trucks will be back.
2020 Q1 Retail Report
While it seems that no industry has been immune to the impact of the coronavirus, the retail and hospitality sectors have been pushed to the brink of elimination like no other. Hospitality is a broadly defined service category that includes restaurants and bars, theme parks, tourism, lodging, airlines and cruise lines. As safety concerns mounted, flights were cancelled, restaurants closed and going on a cruise suddenly turned into the last thing you would want to do.