Retail Market Takes An Unprecedented Hit
As this report is written, the long-term effects of COVID-19 on the local retail market cannot be fully measured. It is widely believed that the retail sector, a sector already suffering from e-commerce competition, will be the hardest hit asset class during and after the crisis. While restaurants and other retailers are closed temporarily due to the pandemic, it is expected that some will not re-open once the crisis is over. Those vacancies have not yet occurred and are not represented in these first quarter results.