The difference a year can make is going from 21% expectations of a bull CRE market in 2020 to 74% in 2021, according to DLA Piper's latest State of the Market Survey.

"And most of those bulls are pointing to the continued rollout of the vaccines and opening of economies, as well as an ample amount of equity and debt capital," John Sullivan, chair of DLA Piper's real estate practice, tells "For most asset classes, the fundamentals pre-pandemic were good. It wasn't an asset bubble that burst. It was a black swan external event."

Unlike 2008, where real estate was highly leveraged and, as a result, financially shaky in the face of trouble, "debt is plentiful and cheap and attributing to people's bullish outlooks," Sullivan adds. "And helpful for the markets."

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