Open for Business: Our Summer 2021 Commercial Real Estate Outlook

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Open for Business: Our Summer 2021 Commercial Real Estate Outlook

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William Pattison Reginald Ross, Michael Steinberg, Austin Iglehart
APR 21, 2021

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Executive Summary

  • The economic recovery has not been evenly distributed; a “K-shaped” recovery.
  • Cap rates may compress during the second half of 2021, despite rising Treasury yields.
  • Office leasing was weak in New York, San Francisco, and Seattle, but strong in Las Vegas, Orlando, and Pittsburgh, in recent quarters.
  • Industrial demand growth may be dependent on faster e-commerce delivery speeds, not e-commerce sales growth.
  • E-grocery doubled over the last year, and grocers without a strong omni-channel strategy may struggle in 2021 and beyond.