Source: AZ Big Media
In the fourth monthly NAIOP survey measuring the impact of the COVID-19 crisis on the commercial real estate industry, respondents say that deal activity is improving across most major sectors of the industry, but more now expect impacts from the crisis to affect their businesses for an additional 12-18 months.
“July continued a trend of positive growth in reported industrial, office and multifamily building acquisitions activity, with more respondents reporting having witnessed these deals than in previous months,” said NAIOP President and CEO Thomas J. Bisacquino.
The increase in building acquisitions activity was most notable for industrial properties, with 92.6 percent of respondents witnessing these acquisitions in July, compared with 70.7 percent in June. Reported development activity also increased for industrial, office and multifamily properties in July, with the first significant increase in office property development since the April survey.
Although CRE fundamentals generally appear to be improving, more respondents now expect the outbreak’s effects on their businesses to last longer than in previous months.
Read more at AZ Big Media.