June 26, 2020
CBRE Econometric Advisors has revised its forecasts for all property types as economic conditions and the state of the COVID-19 pandemic evolves. In a series of ViewPoints, our economists provide outlooks on the macro economy, rent, availability, and sector recovery projections.
EA ViewPoint | Extended-Stay Hotels Led the Pack in 2020, But Will That be the Story in 2021?
CBRE EA expects hotel revenue per available room to make a full recovery to pre-COVID-19 levels by 2024. Economy hotels have led the recovery, but the return of business and group travel will boost demand for upper-scale hotels.
EA ViewPoint | U.S. Multifamily Experiences Strong Investment Demand Amid COVID-19
U.S. multifamily remained the preferred investment sector in 2020, with its share of overall transaction activity reaching 36% - its largest share since 2001. EA expects national multifamily fundamentals to begin to recover in mid-2022, with secondary markets leading the recovery, followed by major metros.
Pandemic Accelerates E-commerce Adoption | Implications for Industrial and Retail
The ongoing pandemic, fueled by the COVID-19 virus, has had dramatic effects on the industrial and retail sectors, particularly e-commerce and omni-channel adoption. The expedited shift toward e-commerce during the pandemic accelerated trends, benefitting industrial demand and eroding brick-and-mortar retail sales.
Hotels: The Future for the Lodging Industry
The return of group and business travel is a major factor in hotels’ recovery. A more remote workforce will demand more in-person connection through business travel and conventions.
Investment Performance Outlook
With the pandemic continuing to affect the U.S. economy, investors are wondering what's in store for commercial real estate. Our investment performance forecast viewpoint explores the outlook for each property sector, cap rates, the lending market and more.
Remote Working: The Potential Impact on Office Demand
Due to the counterbalancing effects of remote working potentially causing a decline in the need for office space and social distancing requirements potentially increasing office space needs, CBRE forecasts only a modest to moderate decline in office demand in the next five years.
Hotel Industry Update: A Slower Recovery Ahead
An uptick in COVID-19 cases threatens to derail a streak of nearly three months of positive hotel occupancy gains, but CBRE EA still expects a strong hotel revenue recovery in 2021 and 2022.
Office: The Changing Expectations for U.S. Office Recovery
Despite the staggering rise of unemployment and negative GDP figures, the office sector benefited from a fast adaptation of work-from-home policies.
Industrial: Pandemic May Bring Lasting Shifts in Industrial Sector
The industrial sector will not escape the current recession unscathed, but it will experience a quick recovery and an improved outlook in outer years.
Retail: Retail Recovery Varies by State and Category
The impact of COVID-19 has put additional pressure on the retail sector, which has faced challenges with competition from e-commerce and changing consumer preferences for years leading up to the current pandemic.
Multifamily: Multifamily’s Recovery from COVID-19: 2020 and Beyond
Multifamily fundamentals are projected to follow a similar shape as the U.S. economy over the next two years: a sharp downturn followed by a quick recovery.
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For More Information, Please Contact

Matt Mowell
Sr Economist

Alex Krasikov
Economist
Research

Ibrahiim Bayaan
Economist

Nathan Adkins
Sr Economist

Christina Tong
Economist

Ian Anderson
Senior Director of Research and Analysis

James Breeze
Senior Director, Global Head of Industrial & Logistics Research
Research

Jeanette Rice
Head of Multifamily Research, Americas

Bram Gallagher, Ph.D.
Sr Economist