October 2020 Industrial Actual Property Market Developments and Outlook

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October 2020 Commercial Real Estate Market Trends and Outlook

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The Commercial Real Estate Trends & Outlook Report describes trends in the small commercial market or transactions that are typically less than $ 2.5 million. This report is based on information obtained from NAR's quarterly commercial real estate market survey in the third quarter of 2020 on the commercial transactions of REALTORS® and members of the commercial NAR partner organizations (CCIM, SIOR, RLI, IREM and the real estate consultants) during the third quarter of 2020.

The survey results show the ongoing impact of the pandemic on transaction volumes and business practices. The effects of the pandemic have not yet been finalized, but survey results provide some indication of where the changes are headed. In the office sector, 62% of respondents indicated an increase in company moves to smaller offices and 58% of respondents indicated an increase in short-term leases of two years or less. In the retail real estate market, 52% indicated that more vacant shopping centers are used for other purposes such as mixed use, industrial use, hospitals or as churches.

REALTORS® saw a decline in sales and leasing transactions with the exception of industrial real estate, which is clearly the strongest segment of the commercial sector. The land market has also been a strong sector, especially selling land for recreational use, as the pandemic has restricted recreational activities in urban areas.

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