How is Coronavirus Affecting Commercial Real Estate?
Commercial Real Estate Has Been Affected Tremendously by COVID-19
In 2008, there was a cloud of uncertainty regarding normal people paying off their mortgages. The economy was in ruins, new jobs were sparse, and the market had shrunk by over 6 percent at year’s end. Fast forward to 12 years later, and a new problem has arisen thanks to COVID-19: commercial real estate. Like the majority of businesses in the world, coronavirus has dismantled production at all levels. Hotels have been empty, restaurants completely shut down, boutique shops abandoned, and the list goes on. However, there is one main issue caused by all of this inactivity: businesses are unable to pay their rents. Read More