COVID-19, also known as the Coronavirus, has taken the world by storm. Officially declared a “pandemic” by the World Health Organization on March 11, this worldwide new disease seems to have its virus tentacles in every sector of everyone’s lives, as commercial real estate is not exempt.
“There are going to be three immediate effects,” says Norm Miller, Professor of Real Estate Finance at the University of San Diego School of Business. “One will be significant interruption of supply chains. There is no question about that and that is obviously going to have some real estate implications. Secondly, significantly less travel and a fear of all crowded venues, and that has already started, i.e. cancellations of conferences and travel. And third, over-reaction in the capital market. We have already seen that affecting our stocks and our estimation of wealth. And to add a fourth, possible government interven
