Orange County

The B-piece buyer is the biggest question mark for banks in the CMBS space, and lenders that own the B-piece will rebound faster.

While some assets are poised for a swift recovery, the hotel market won't see pre-coronavirus growth levels until 2024, according to R.D. Olson.

Some developers are stopping or even pulling future hotel builds, while projects already under construction are quickly pivoting to adapt to the new market.

While many lenders have stepped to the sidelines, the private lender says, "if you have a new loan requirement, bring it to us."

The Orange County market closed the first quarter with negative net absorption and an increased vacancy rate of 13.6%.

This downturn is unlike those in the past because it was not caused by economic issues, says Shopoff.

Land has less debt on it than in previous cycles, and there will likely be fewer land sales rather than price decreases this year.

To get through the pandemic, rent is important but it isn't the only lease provision that will create flexibility operate properties efficiently.