The coronavirus has forced Colliers International to make"adjustments" that counterbalance present and the future negativetrends that the coronavirus pandemic has had on its national officemarkets.
Before the coronavirus, leading housing markets in the US showedsigns of cooling in the first quarter of 2020. While rents sawminimal changes, once the coronavirus led to stay-at-home ordersand social distancing restrictions, market vacancies and lowerabsorption have increased. According to the Colliers Q1 2020 TopOffice Markets Snapshot Report, absorption was negative in fourmarkets and felt in two more.
The report attributed Covid-19 to slowing leasing activity inMarch. It placed blame on the coronavirus for the creation of a"climate of uncertainty" that will put decision making on hold asbusinesses reevaluate their real estate needs and seek to containcosts.
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Michael A. Mora
Michael was born and raised in South Florida. He went to undergrad at Florida Atlantic University and earned his master's degree from the Columbia University Graduate School of Journalism. He is the crypto litigation reporter for Law.com, as well as an editor for ALM Global. You can email him at [email protected].
