Albany

Countless tenants and property owners across the region and nation are facing the same quandary as many businesses are short on cash because their doors are closed, customers are staying home and travel is restricted.

As news of the Coronavirus (COVID-19) continues to unfold, we should all take a moment to think about what our new sense of “normal” will be during this time.

Like you, we at Cresa have spent the past weeks assessing the quickly evolving situation around COVID-19 and actively planning how best to support our employees and clients during this taxing time.

The rapid spread of COVID-19, and the public health measures taken to reduce its deadly impacts, have caused significant disruptions to global economic markets. Due to widespread business closures in America’s largest urban markets, and uncertainty over the duration and recovery of the pandemic, commercial real estate markets will face challenges in the coming years.

Jack Dorsey made headlines when he announced that both his companies, Twitter and Square, would allow employees to work from home permanently and other companies are considering similar plans. Jim Underhill, the CEO of Cresa, joined Cheddar to discuss.

Despite the slow in leasing activity, CEO Jim Underhill expects to see a surge in deals closing in the second half of this year.