Midyear Economic Impacts of COVID-19 on Commercial Real Estate Development Industry

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.

Read the full Report

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