Even as the reported economic numbers for the first quarter of 2020 ended on a dismal note, foreshadowing a difficult second quarter for commercial real estate, Lawrence Yun, Chief Economist for the National Association of REALTORS®, took a longer view. While some sectors like restaurants and retail may be in for a rough time, he noted that other sectors like industrial may, in fact, see improvement. In addition, the massive federal stimulus package may have some helpful effects, and as more businesses begin to reopen, the second half of the year could see a rebound for the economy.
When the economy does open up, however, and recovery begins, Yun cautioned that office space needs will not rise proportionately with job creation. Post-pandemic offices likely will feature workers participating in more virtual meetings and more remote working, requiring less physical space.
Watch the rest of the interview with Dr. Lawrence Yun, ACBR President Jeff Pollock, and 2017 ACBR President, Keene Miller, above.