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The pandemic is the definition of a disruptor. For apartment developers, however, the pandemic’s impact was often varied between project and submarket, according to Laurie Lustig-Bower, an EVP at CBRE and an expert in apartment development. Lustig-Bower is discussing the challenges multifamily developers have faced over the last year at GlobeSt.com’s annual Apartments conference in Los Angeles, October 26-27.

Over the last year, Lustig-Bower’s business activity was stable, but she did she changes trends in some submarkets, particularly those that were nearing overdevelopment before the pandemic. “There was a decrease [in activity] in some submarkets that were hit the hardest by COVID,” she tells GlobeSt.com. “In those markets, we didn’t have as much offer activity as we normally would have gotten. Submarkets that had an oversupply were already soft, and when COVID hit, it made the situation a lot worse.”

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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