April 1, 2020
The city of Boston and its commercial real estate market have “ground to a halt” amid the COVID-19 pandemic, Colliers International says in a new report. “The month of March has been effectively on hold.”
However, the report notes that the Boston office and lab market was going full tilt at the start of 2020, prior to the pandemic-induced pause. Moreover, Colliers’ Aaron Jodka, Dion Sorrentino and Nick Dessalines see the market coming back strong.
“Boston’s economy is better diversified today than at any point in its history,” they write. “It is full of innovative and creative firms. We are a global center for healthcare and education. That hasn’t changed, and will not.”
Once the pandemic abates, the Colliers researchers predict a resumption of business activity in the second half of the year, combining “a lower absorption projection for 2020 with a stronger 2021 than previously forecast.”
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