May 14, 2020
The impact of the COVID-19 pandemic on the Boston office market could be less long-lasting than previous recessions including the dot-com bust, 9/11 and the Great Recession, CBRE says in a market report.
Instead, the report says, “it could mirror the recovery of Asian economies during the SARS outbreak in 2002, where a sharp but short-lived decline in economic activity caused temporary weakness in the real estate market.” China’s recovery from COVID-19 “appears to be following the SARS-like trajectory and offers hope of a similar recovery path for the U.S. markets.”
CBRE says conversations are well underway in anticipation of what the new normal will look like. “Occupiers and owners alike are thinking about workplace densification and desk sharing, improvements to HVAC and air filtration systems, and contactless security systems with a clear focus on what they can do to provide employees a safe and comfortable return to the office.”
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