The coronavirus has forced Colliers International to make "adjustments" that counterbalance present and the future negative trends that the coronavirus pandemic has had on its national office markets.
Before the coronavirus, leading housing markets in the US showed signs of cooling in the first quarter of 2020. While rents saw minimal changes, once the coronavirus led to stay-at-home orders and social distancing restrictions, market vacancies and lower absorption have increased. According to the Colliers Q1 2020 Top Office Markets Snapshot Report, absorption was negative in four markets and felt in two more.
The report attributed Covid-19 to slowing leasing activity in March. It placed blame on the coronavirus for the creation of a "climate of uncertainty" that will put decision making on hold as businesses reevaluate their real estate needs and seek to contain costs.
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Michael A. Mora
Michael was born and raised in South Florida. He went to undergrad at Florida Atlantic University and earned his master's degree from the Columbia University Graduate School of Journalism. He is the crypto litigation reporter for Law.com, as well as an editor for ALM Global. You can email him at [email protected].
