2022
DOI: 10.3390/su141912851
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Commercial Real Estate Market at a Crossroads: The Impact of COVID-19 and the Implications to Future Cities

Abstract: This paper aims to examine the responses of commercial real estate markets to COVID-19 and the implications for post-pandemic cities. Using data of Florida’s metropolitan areas in a fixed effect regression model, we find that sales volumes of retail properties decline instantly under the shock of COVID-19 but are followed by a strong recovery after one quarter. Meanwhile, COVID-19 depresses the growth rate of rent for office property, but the impact is short-term, and the office rental market bounces back to a… Show more

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Cited by 12 publications
(9 citation statements)
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“…There has been an expanding body of knowledge regarding the impact of the COVID-19 crisis on commercial real estate; for direct real estate, non-listed real estate and securitised real estate. This includes Akinsomi (2021), Allan et al (2021), Balemi et al (2021), Carson and Nanda (2020), Chu et al (2022), Florida et al (2021), Hoesli and Malle (2022), Ling et al (2020), Min et al (2022), Mpofu et al (2023), Nanda et al (2022), Pike (2020), Rosenthal et al (2022), Salami et al (2023) and Wen et al (2022). Many of these papers were based on the early stages of COVID-19 and considered aspects including resilience, rent dynamics, real estate prices, performance of real estate vs stocks, impact on retail real estate and sustainability.…”
Section: Literature Reviewmentioning
confidence: 99%
“…There has been an expanding body of knowledge regarding the impact of the COVID-19 crisis on commercial real estate; for direct real estate, non-listed real estate and securitised real estate. This includes Akinsomi (2021), Allan et al (2021), Balemi et al (2021), Carson and Nanda (2020), Chu et al (2022), Florida et al (2021), Hoesli and Malle (2022), Ling et al (2020), Min et al (2022), Mpofu et al (2023), Nanda et al (2022), Pike (2020), Rosenthal et al (2022), Salami et al (2023) and Wen et al (2022). Many of these papers were based on the early stages of COVID-19 and considered aspects including resilience, rent dynamics, real estate prices, performance of real estate vs stocks, impact on retail real estate and sustainability.…”
Section: Literature Reviewmentioning
confidence: 99%
“…The COVID pandemic disproportionately impacted asset classes, with retail and hospitality severely impacted followed by office and residential, while industrial due to the fast adoption of e-commerce and online retailing was the least and in some cases positively impacted (Deloitte Insights, 2020; Ling et al. , 2020; Hoesli and Malle, 2022; IMF, 2021; Wen et al. , 2022).…”
Section: Literature Backgroundmentioning
confidence: 99%
“…The COVID restrictions on commercial activities like social distancing, closure of business activities and WFH were effective in fighting the pandemic but adversely impacted the global economy and resulted in high vacancies in CRE (Balemi et al, 2021). The COVID pandemic disproportionately impacted asset classes, with retail and hospitality severely impacted followed by office and residential, while industrial due to the fast adoption of e-commerce and online retailing was the least and in some cases positively impacted (Deloitte Insights, 2020;Ling et al, 2020;Hoesli and Malle, 2022;IMF, 2021;Wen et al, 2022). These impacts were more prominent in the sectors requiring face-to-face interaction with the customers like retail and hospitality (Koren and Pet} o, 2020).…”
Section: Impact Of Covid On Commercial Officementioning
confidence: 99%
“…The COVID-19 pandemic, with its aftermaths, has further strengthened the ongoing development. However, it has also shown the innovative capacity of many city-centre retailers [4], [7].…”
Section: Introductionmentioning
confidence: 99%