Although tenant activity remained relatively flat over the fourth quarter of 2020, we began to see increasing levels of optimism among both tenants and landlords, as Pfizer and BioNTech released preliminary data in November indicating that their coronavirus vaccine was over 90% effective.
Two major trends throughout this past year were a focus on tenant renewals and lease restructuring, and a re-assessment of office requirements as organizations look to understand the extent to which they can accommodate a work-from-home model in their operations. Although the impact of COVID-19 will likely require several years to fully reverse, we expect that once large-scale vaccinations have been distributed, activity volume will begin to return to the positive levels seen prior to March 2020.
