• The COVID-19 pandemic has forced some states to impose strict stay-at-home orders that are adversely affecting many industries. This is leading the U.S. economy into a recession that will result in very sharp declines in GDP for H1 2020 and in job losses, particularly in the retail, food & beverage and transportation sectors.

 

  • A drop in U.S. office leasing activity, as well as a significant increase in lease renewals, were two major signs of COVID-19’s early impact on office markets in Q1 2020.

 

  • Office market fundamentals generally remained stable despite a 20-basis-point increase in the overall vacancy rate, which was not unexpected.