The NAIOP Research Foundation has published a new report: “Midyear Economic Impacts of COVID-19 on Commercial Real Estate Development Industry,” written by Steve Fuller, Ph.D., professor emeritus at George Mason University.
Fuller found, according to government and private-sector data, declines in expenditures and value across most building types, specifically:
- Construction expenditures and building activity for office, industrial (excluding warehouse) and retail buildings declined 23.4% from midyear 2019 to midyear 2020.
- For the same period, the value of nonresidential construction put in place was down 23.2%.
- Fuller estimated that the value of nonresidential construction put in place for all of 2020 will decline by 18.1% from 2019.