Leasing

Dermody says advanced manufacturing buildings in Fremont such as 44370 Christy St. provide manufacturing companies in the Silicon Valley with functional and affordable buildings as tech continues to grow.

Retail rent trends are hard to predict and could vary between essential and non-essential retail tenants.

Despite New York City based companies looking to suburbs for cheaper office space outside dense urban areas, leasing activity for Long Island office space experienced a slowdown in the second quarter.

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 buyer was comfortable completing the sale during the pandemic due to the essential nature of gas stations and convenience stores such as Wawa.

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.

The Farley Building is a cornerstone of Vornado's new Penn District, where the REIT owns 10 million square feet.