To evaluate the impact of COVID-19 on commercial real estate markets, it is crucial to understand industry dynamics based on various datasets and indicators. CompStak, the only national platform specializing in crowdsourced real-time comp data, has the best vantage point for understanding what exactly happened in the CRE industry in 2020, and more importantly, where the industry is heading.
Based on real-time and historic comp data, this report is an assessment of the state of the market as of December 1, 2020, constructed with CompStak’s granular, analyst-reviewed information on averages in gateway markets like New York City, Los Angeles, San Francisco/Bay Area, Chicago, Boston, and Washington, D.C.
- The median number of days between lease execution and commencement dates for office space has increased by a full month to 126 days.
- Free rent has increased by approximately 30% in comparison to the same time period in 2019.
- There was a 15% drop in new leases signed as a percentage of overall lease deals.
- The average transaction size has increased by 30%.
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