Rents in New York have been dropping since the pandemic started. Last month they dropped another 1.1%, which means rents are down 3.3% when compared to last year, said Apartment List's latest New York rent report.

If some economists' theory of a "K-shaped" COVID-19 economic recovery pans out, commercial real estate markets for affluent segments may fare better than those for lower-income people or companies.

In 2019, there were 321,000 units, but this year, there will only be 283,000, which is a 12% decrease, said a report by RENTCafe Blog.

Higher costs from COVID-19 and lower revenues from pausing profitable elective surgeries have hurt Houston-area healthcare providers, prompting them to pause real estate projects and transactions.

Although housing demand remains strong, other economic activity markers stalled as coronavirus cases spiked in the South and West in June and July.

The expected reduction in office demand may be offset by de-densification, another new trend.

"We're highly concerned and very focused on what may be coming in the next few months," said Jeffrey Deboer, president and CEO of The Real Estate Roundtable.

Based on trends spurred by the pandemic, Fitch Ratings is predicting a transformation in the real estate markets of big and small cities.