"But with New York City having entered Phase 2 of reopening in late-June and pockets of New York State already in Phase 4, there are promising signs of a recovery in the second-half of the year," says Colliers' Franklin Wallach.

As millennials prepare to have children, the rental market needs to prepare with family-oriented developments.

"The current crisis is refocusing decision-making on the sustainability of investment opportunities and on building more resilient portfolios to guard against future crises such as climate change," JLL's Gianluca Romano said.

A new report from Moody's Analytics sees vacancies ticking up yet again for the first quarter of 2020⁠—but not nearly as much as in the previous quarter.