During the Global Financial Crisis, Bayer Properties was able to secure distressed assets. Now, in the midst of the COVID crisis, Bayer Executive Vice President of Operations Doug Schneider anticipates history repeating and is very closely watching the current situation.
"We're starting to see it happen," Schneider says.
Some numbers from research firms back this up. According to Moody's Analytics REIS, the retail sector's vacancy rate increased by 0.2% in the quarter to 10.4%, which was the highest mark since 2013. Average asking rents and average effective rents fell 0.1% and 0.4%, respectively.
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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.
