Special Episode: Covid-19’s Impact on Commercial Real Estate
With so much uncertainty in the world due to Covid-19, Matt sat down (virtually) with Spencer Levy, Chairman, Americas Research & Senior Economic Advisor at CBRE, on March 24 to discuss the impact this crisis has across all sectors of commercial real estate. This is a special episode focused on Covid-19, versus our ongoing conversations which are geared towards leadership and the business of our guests. Spencer outlines the potential implications the pandemic has across various sectors including multifamily, retail, industrial, and office and digs into the impacts on a few specialty product types like co-working, seniors housing, data centers, and self-storage. The discussion provides commentary on the immediate response while touching on potential short-term and long-term effects this may have on real estate and the world economy, taking a globalized approach and looking at current government response.
In addition to the conversation about Covid-19, Spencer introduces CBRE’s Global Outlook 2030 report and acknowledges that while there will be immediate and short-term impacts on commercial real estate, addressed trends likely will continue into the decade. Some of these trends include the global adoption of U.S.-style institutional ownership and management of multifamily communities and widespread automation of commercial real estate valuation services.
Spencer Levy is the Chairman of Americas Research and Senior Economic Advisor for CBRE, the largest commercial real estate firm in the world. Spencer is the chief spokesman on real estate matters for CBRE in the Americas. He is regularly quoted in major business publications and frequently is a guest on business television, including Bloomberg, CNBC, PBS and Fox Business. He is widely considered one of the finest commentators in the entire Commercial Real Estate industry.
By leveraging his 23 years of experience in commercial real estate, including the past 11 at CBRE, Spencer has redefined the role of research leader. Spencer combines his experience as a lawyer, investment banker and capital markets leader to create presentations that go deep and touch on all aspects of commercial real estate. Combined with his unique and engaging presenting style, this makes him one of the most respected commentators and advisors in the business. Spencer regularly speaks at major events of the country’s leading commercial real estate organizations, including CORENET, NAIOP, ULI, ICSC, NAREIM and CREW. He also has guest lectured at major universities, including his alma maters Harvard and Cornell, in addition to Columbia, NYU, Johns Hopkins, Indiana, Georgetown, Pitt, Auburn and many others. Spencer is a recipient of multiple industry awards, including the CORENET Luminary Award for Excellence in Public Speaking, the CBRE Trammell Crow Master Builder Award, the CBRE Gary J. Bebon Teamwork Award, the CBRE Capital Markets “MVP”, and was named a State of Maryland Influencer in Real Estate.
While a New Yorker for most of his life, Spencer currently hails from Baltimore and is a proud husband of 19 years and father of three children. Spencer sits on the boards of the Baltimore Leadership School for Young Women and Harvard Alumni Real Estate.
We hope that you enjoy this episode and find the conversation to be helpful as you are navigating the crisis in your personal lives as well as in your business endeavors.