August 2020 Commercial Market Insights
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As a result of the coronavirus pandemic and measures to contain it, the global economic landscape has been dramatically altered. The pandemic has hammered the economy and disrupted the sense of normalcy in all aspects of work and how people live. It has been the most disheveling event to the economy in decades, interrupting supply chains and causing large shifts in consumer demand and retail channels, among others.
While COVID-19 has wreaked havoc on the hotel, office, and retail property assets, it brought out the durability of the industrial property market and accelerated e-commerce and warehousing employment. The increases in warehousing and storage employment reflect a rebound in demand for warehouse space as retailers re-evaluate supply chains originating from the impact of the coronavirus pandemic.