"2021 will be better than 2020," promised Spencer Levy, chairman of Americas research and senior economic advisor for CBRE at a virtual CREW San Diego event this week. In the conversation, Levy gave a bird's eye view of economic expectations for the year. One game changer: economic stimulus. Levy says that under the new administration, more is likely on its way, and that is good news.

Levy is expects at least another $1.9 billion in stimulus to pass this year. "The flip of the Georgia senate seats changed economic calculus as to how much we expect," he said. [That is] good news for CRE because big cities are broke from tax declines."

Overall, the government learned a lesson from the 2008 financial crisis, when it took months to work out a stimulus plan and response. The initial CARES Act legislation came through quickly to help stabilize the economy. The funding helped to offset the economic loss early on. Without it "you would have seen a really bad day at the office," says Levy.