"The social safety nets of European countries can look more expensive, but in a time of crisis, they can also help investors understand how economic losses will be distributed."

"As consumers and businesses adapt to enforced distancing and lockdown measures, the way in which Americans use commercial property has abruptly changed."

More space is coming, and conversions in the suburbs and Boston and future new development throughout the market aim to tap into this supply/demand imbalance.

"COVID-19 has presented the commercial real estate industry with never-before-experienced pressure, forcing adaptation to reprioritized tenant needs of health and safety."

"If it is proven that some business functions can be run successfully through remote working, tenants may decide not to house such operations in their office space once we reach the new normal."

"The lack of affordability in some urban areas is changing behavior, sometimes radically," the report states.

"Our people have stepped up to help clients navigate COVID-19's challenges and also answered the call within their communities," Bob Sulentic, CBRE's president and chief executive officer, said in prepared remarks.

The impacts of social distancing and store closures have not affected pricing yet because owners have not been forced to sell.