However, the office and retail sectors, both hard-hit during the pandemic, also registered stronger market expectations, according to Transwestern’s national market indexes. In particular, the retail index posted the best year-over-year growth.
“CRE recovery will be staggered, especially for office and retail due to the continued unpredictability of COVID-19 mutations,” said Elizabeth Norton, senior managing director of research services at Transwestern and author of the report. “However, we believe office tenants will begin to come off the sidelines in the coming months as several tenants who pushed the pause button will need to make a lease decision.”
Brokers and analysts across Transwestern’s 33 U.S. offices contributed to the report.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).