Eastdil Secured CEO Roy March spoke during a Goldman Sachs webinar about the significant drop in real-estate transactions during the coronavirus lockdown.
'Like to' transactions have paused, as sellers don't want to sell assets for reduced prices during this time of distress. The last remaining deals before the coronavirus lockdown have either closed, been put on hold or dropped off, according to the CEO of one of commercial real estate's most successful brokerages.
Unsurprisingly, the "have to" transactions are fetching much lower price tags, as purchasers smell blood in the water. They're taking on the distressed assets, so they figure they should pay less, and therefore make more. The "like to" transactions have largely halted, as those firms want to avoid taking hits on the value of their assets by transacting in a period of distress. These "like to" sectors are in the industrial, office, high-end multifamily, and life science spaces.
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