COVID-19 has walloped the global commercial real estate market and it has displaced Manhattan as one of the top markets for liquid commercial properties, according to analysis by the Real Capital Analytics.
For the first time since 2011, Manhattan dropped out of the top two to No. 3 in ranking the top global markets for liquid commercial properties. Instead, central Paris and Berlin were the world's most liquid commercial property markets at midyear, Real Capital Analytics reported.
While Manhattan's drop was somewhat unprecedented, it shouldn't be unexpected. For months after COVID-19 hit the United States, commercial real estate observers have warned of its debilitating impact on the Manhattan commercial real estate market.
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Victoria Hudgins
I am a reporter for Legaltech News where I cover data privacy, cybersecurity and technology's impact on the business and practice of law.
