Overall, revenue for commercial and residential US real-estate rental and leasing companies rose by more than $23 billion between the second and third quarter of 2020. However, the decline in demand for office space contributed to a gap of more than $6 billion compared to the revenues in the first quarter right before the pandemic, according to data from the US Census Bureau.

To those concerned about New York’s real estate market, Wylde cites the example of lower Manhattan after 9/11, which would become one of the faster-growing neighborhoods in the US a decade later, due in part to state and federal subsidies. It was successfully re-conceived as a “live-work community,” with a mix of both commercial and residential development.

Overall, Rodriguez says there will be “a lot of waiting and seeing,” with much of the near-term outlook depending on the speed of the rollout of the Covid-19 vaccines.

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