Anthony De Francesco

Anthony De Francesco

Rising Unemployment Points to a Downturn in the Commercial Property Market, but what type?

With the onset of COVID-19 crisis in early 2020, economic conditions have turned from weak in 2019 to potentially quite adverse, characterised by abrupt disruptions to supply channels and weakening consumer demand. With the prospect of an imminent economic downturn, a key focus is on understanding the economic fallout on specific industries and more broadly on the labour market with consequences on unemployment. The outlook on the unemployment rate appears bleak, with increases ranging from seven percent to over ten percent, depending on the nature of the downturn. Importantly, how will a higher unemployment rate impact the commercial property market?