Research

"Companies that create the best environments to support a hybrid workforce and fluid way of working will have a competitive advantage in recruiting when the war for talent reignites."

Banks with commercial construction loans in their portfolios took a hit as the COVID-19 pandemic forced developers to shut down or delay projects.

Buying conditions improved in the second quarter among average workers in the US, although concerns over the pandemic may have an adverse effect in the coming months.

"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 industrial sector is expected to weather the economic ramifications of the COVID-19 pandemic better than other areas of the economy, Colliers says.

Many tenants are also not moving into new housing during the pandemic, the report found.

If suburban commuters would prefer office space in short walking distance from the three major transportation hubs in New York City, they may find options a bit limited.

Academic Richard Florida joined UCLA's June 2020 Economic Outlook on residential real estate to discuss how cities will rebound after the pandemic.