The Tenant's Point.
Insights from veteran McCall & Almy advisors on the impact of COVID-19 on Greater Boston’s commercial real estate market.
The COVID-19 outbreak has resulted in unprecedented business situations for all of us. Construction sites were temporarily shut down, non-essential businesses were being forced to suspend their physical operations, businesses implemented, either voluntarily or by necessity, work from home procedures, and the list goes on, not to mention the human toll that this crisis has had.
The sudden change to business operations have left many wondering about the economic impact to not only Greater
Boston, but also the global economy. While some believe we will have a V-shaped recovery, our team feels that is wholly
unrealistic given it has never happened in the past. What is the state of the market today and how will it impact leasing
going forward? What about the status of in-process real estate transactions and whether there are any rent relief provisions included in your lease? While we are facing one of the worst economic downturns on record, as with the Great Recession, Boston is in a much stronger position to rebound than other markets, beginning with its solid “meds and eds” foundation.
The Tenant’s Point focuses on the impact COVID-19 has had on commercial real estate, what our outlook on the market will be as a result of the pandemic and understanding your lease in an era of uncertainly.
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Senior Vice President, Marketing