"There was concern initially that while office buildings emptied out, multifamily buildings would be crushed by higher occupancy than what operators are used to and systems are designed for," Enertiv said. But New Yorkers had gotten out of town.
"We're highly concerned and very focused on what may be coming in the next few months," said Jeffrey Deboer, president and CEO of The Real Estate Roundtable.
Only when the market opens up fully and a broader spectrum and type of properties start to trade will we have a better signal on where prices are going.
With the economic pressures and uncertainly brought on by coronavirus, corporations are looking for lease term flexibility and more agile office solutions.
While COVID-19's economic impact makes it nearly a given that higher default rates will occur, the economic outlook is a bit rosier than earlier expectations.