Some Bright Spots as We Look Back at 2020
Despite getting off to a solid start last January, positive forecasts for 2020 became short-lived as the coronavirus pandemic brought the nation’s economy to a halt in March. Although New York City’s real estate industry suffered wide-ranging fallout amid the unprecedented health crisis, some industry people point out that the year was not a lost one. Some noted bright spots from the past year ranged from investors expanding their horizons by looking at different asset classes for the first time; the financial markets responded well while the debt markets continued to hold their own, with investors and lenders generally maintaining liquidity; and despite leasing at an all-time low, the year still saw some big long-term commitments from large corporate users. Looking ahead, other takeaways from the pandemic are expected to bring a heightened focus on making buildings healthier and some added humanity to the workplace.