•We publish this report to summarize Q1 2020 market activity, which was mostly unaffected by the COVID-19 pandemic, with the expectation that market dynamics will be significantly impacted in the months ahead.

•While the full impacts of COVID-19 are still rapidly evolving, the short-term outlook for office real estate is to the downside, with slowdown expected in leasing and construction activity, and vacancy rates likely to increase.

•While sharp GDP declines are expected for the first half of the year, as the government’s fiscal and monetary stimulus begins to bear fruit, the U.S. economy should return to growth by year-end, resulting in a recovery of office demand in 2021.