Even as tenants begin moving into vacant spaces from lease pre-commitments signed in years prior, future absorption, leasing activity and expansions may be muted until a vaccine for COVID-19 is found.

But CBRE does expect them to fall by 10% to 16% by the first quarter of 2021 before beginning to recover.

Only 19% of property managers in the study reported that rents were being paid on time, while the rest reported that they had tenants who were unable to pay, according to a new report from the National Association of Realtors.