Survey Reveals Continued Challenges for Commercial Real Estate Sector: Deloitte

By Jim Berry and Kathy Feucht

The impact of COVID-19 on the global economy and the CRE industry has made 2020 the most memorable year in recent history. CRE companies have needed to digitize operations, close physical facilities due to extensive lockdowns, and prepare for reopening, while ensuring the health and safety of employees and occupiers and considering the financial health of tenants and end users.

With economic recovery heavily dependent on a vaccine, the length of this downturn remains uncertain. As we write this outlook, economic activity is contracting due to a fresh resurgence of the virus in Europe.1 Large Asia-Pacific (APAC) economies such as Japan and Australia haven’t yet turned the corner to growth, India is facing a severe downturn, and strained relationships between the United States and China are creating significant geopolitical tensions.2 According to Deloitte’s economic forecast, in the United States, it is expected that “a vaccine and/or treatment will allow normal economic activity to begin to resume in mid-2021.”3

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