According to an NAR survey of 650 commercial Realtors®, commercial sales transactions were down 3% year-over-year in the third quarter of 2020.
The retail world saw large declines, with the sharpest drop in retail mall acquisitions, which was down 7%. Other areas of decline were in retail strip centers (-5%), Class A office properties (-5%), and freestanding retail (-4%). On the lease side for retail, leasing volume in retail malls was down 9%.
With the pandemic shutting down indoor recreation activities such as dining and theaters, outdoor and nature-based activities have increased, land sales reflect this. Sales of residential land rose 6%, and sales of recreational land were up 5%.
You can view NAR’s full report here: https://www.nar.realtor/commercial-connections/land-industrial-and-residential-sales-buck-pandemics-impact