FSRs tried to pivot to save their businesses by ramping up delivery programs, streamlining their menus, and repurposing their parking lots as temporary drive-thru's, however, the shift to service their customers off-premises was difficult and costly.
Coronavirus is hitting hourly paid and low/moderate income workers' wages hard and their property owners are proactively seeking—and securing—forbearance relief to protect against unpaid rent.
"Now that a second surge of COVID cases is sweeping the U.S. and authorities are re-issuing social distancing measures, the retail market could continue to suffer over the next few quarters until a vaccine is developed," the report says.
The Allen Matkins-UCLA Anderson survey shows office demand decreasing due to work-from-home policies, industrial only moderately decreasing due to online shopping, retail continuing its downward spiral and multifamily only moderately decreasing.