CBRE | MANHATTAN OFFICE MARKET | APRIL 2020

Market Report provided by CBRE
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The impact of this crisis on the Manhattan office market could be less long-lasting and the recovery could be faster than after the September 11 attacks and the Great Recession. Instead, it could mirror the recovery of Asian economies during the SARS outbreak in 2002, where sharp but short-lived declines in economic activity caused a temporary weakness in the real estate market that was largely resolved after one or two quarters. Indeed, China’s initial recovery from its COVID-19 outbreak appears to be following a SARS-like trajectory and could offer hope of a similar path forward for the U.S.

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