It's no secret the COVID-19 pandemic has caused many changes to the commercial real estate industry. In a recent article, CREXi took a look at how long different transactions across the CRE industry stayed on the market to provide better insight into just how the pandemic has shifted the industry.
The results are telling.
CREXi reports that in March and April, at the peak of the pandemic, market transaction volume fell by 42%. As businesses started to open in June, activity seemed to resume. By July, transaction volumes had steadily increased. But, as the company stated, that's only part of the story. When trying to gauge a sector's health, one should look at a specific metric: how long does it take for a deal to close?
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