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Daily Digest News – November 19, 2020
Published on November 19, 2020 – By Aayat Ali
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The Real Estate Sector Will Bounce Back Next Year
CBRE’s 2021 U.S. Real Estate Market Outlook predicts that offices, retail stores and hotels will begin to recover next year, particularly with news of the Pfizer vaccine looking promising.
The outlook indicates that interest rates will stay low, even with the GDP growing by 4.5% next year. However, the office industry may take longer to bounce back.
“Overall, we expect the real estate recovery, particularly the office sector, to lag the broader economic recovery by several quarters. This follows the pattern of previous cycles but with the added complication of getting people back into the workplace,” said Richard Barkham, CBRE global chief economist and head of Americas research, in the release. “Two factors are essential for this recovery to take hold: a medical resolution to COVID-19 through a vaccine and other measures, and another fiscal …
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