State of play in commercial real estate across six key US cities courtesy of Savills. All 3Q20 data except for Dallas where I used 2Q20 data.
Some observations:
- Leasing activity fell like a rock as expected. Deep freeze in SF while Manhattan's drop was surprisingly the lowest in the peer set.
- While asking prices did not weaken more than you'd imagine, the sublease share of available inventory in SF (52%) and Manhattan (27%) has gotten, um, substantial.
- I'm frankly surprised at LA's performance given the state's covid lockdowns. Of course, it's hard to generalize given the heterogeneity of the market.
- Dallas, and Houston to a lesser extent, seem to be the overachievers in this peer set. Anecdotally, I've seen less of a discontinuity in commercial development in DFW. There have even been a number of new restaurants that recently opened.
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