COVID-19 Pandemic Continues to Define Market Activity
The effects of the COVID-19 Pandemic and accompanying lockdown persists and there will be continual downward pressure on the market for some time. With non-essential employees confined to their homes since mid-March, recent market activity has been almost non-existent. Repricing of available space will likely be delayed until tenants are able to return to work safely and assess their needs against the market. Although some discussions of temporary rent relief occurred while tenants evaluated insurance options and loans through the recently passed CARES Act, more time is required to determine the level of activity businesses experience as the state and economy begin reopening. The Governor’s executive order halted all non-essential construction projects on April 10th and resumed on May 18th. While social distancing, safety, and sanitation requirements will apply, expect construction projects to begin in earnest.