Research

JLL Office Property Clock Q3 2020

Office take-up continues to be subdued due to COVID-19 uncertainty

October 13, 2020

The response to the COVID-19 pandemic remained at the forefront of the health, economic, and real estate impacts across EMEA in Q3. All markets saw a rapid resurgence in GDP as previously shuttered sectors and businesses were allowed to reopen and re-enter the market place. Early signs of a rebound became evident in May or June, but promise of a rapid full recovery has vanished as travel and social distancing restrictions have remained in place, and people have only partially returned to their previous ways of behaving. Signs of a second wave of the virus emerged in late summer across Europe and have continued to build. Local lockdowns and restrictions have replaced national-level sanctions, reducing, but not eliminating, the economic pain. Government support schemes continue to operate to various degrees, and a renewed response should not be ruled out as evidence of economic scarring – business insolvencies and job losses – mount. With colder weather approaching in Europe, medical experts expect the pandemic will become harder to supress. Economic activity is likely to suffer from self- and government-imposed restrictions, further delaying the recovery and increasing the costs of the downturn.

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