When DLA Piper fielded the 2019 DLA Piper Annual State of the Market Survey, most respondents were moderately bullish and optimistic that growth would continue.
A year later, after the arrival of COVID-19, the picture has changed. The bulk of the respondents, 59%, expect a bearish market for at least the next 12 months to come. However, a majority of respondents, which comprise high-ranking senior CRE executives, believe US GDP will return to pre-pandemic levels in 2022.
"Between March and June, I bet we would've gotten a different and more pessimistic answer, but I think we benefited in terms of getting good information from the fact that we waited a few months," John Sullivan, US chair and global co-chair of DLA Piper's Real Estate practice told GlobeSt.com. "People had a bit of a chance to see how this seems like it's going to play out and maybe start to put this incredibly unusual situation into some perspective."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
