SLG - Q3 Commercial Real Estate markets dented by pandemic; office/retail property markets impacted most

Significant weakness in the Q3 Commercial real estate ((CRE)) was clearly indicated by rising vacancy rates, slowing or falling rents and property prices, Nareit research indicates.Office and retail property markets were impacted the most on the rating scale, while multifamily and industrial properties were least impacted on the scale.With pandemic forcing lockdowns across globe and work from home culture adopted in all the sectors, office space demand dropped sharply in Q3; total occupied space declining 33M sq.ft indicating largest decline since 2001.Store closures and retailer bankruptcies led total retail leased space dipping 17M sq.ft.Apartments and industrial markets experienced rise in demand with net absorption in apartments over the past four quarters picking up a bit relative to Q2, however falling short of new supply.Net absorption of industrial properties was 40.2M sq.ft, about two-thirds the average pace from 2016-2019.Despite the relative strength in the industrial market, demand fell short of national new

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Q3 Commercial Real Estate markets dented by pandemic; office/retail property markets impacted most