When DLA Piper fielded the 2019 DLA Piper Annual State of the Market Survey, most respondents were moderately bullish and optimistic that growth would continue.

A year later, after the arrival of COVID-19, the picture has changed. The bulk of the respondents, 59%, expect a bearish market for at least the next 12 months to come. However, a majority of respondents, which comprise high-ranking senior CRE executives, believe US GDP will return to pre-pandemic levels in 2022.

"Between March and June, I bet we would've gotten a different and more pessimistic answer, but I think we benefited in terms of getting good information from the fact that we waited a few months," John Sullivan, US chair and global co-chair of DLA Piper's Real Estate practice told GlobeSt.com. "People had a bit of a chance to see how this seems like it's going to play out and maybe start to put this incredibly unusual situation into some perspective."