The additional cuts in the Fed Funds rate that we expect to see in the next couple of months, as well as the government’s likely fiscal support, will help shore up investor confidence. Despite a mechanical improvement in valuations, investment activity will slow markedly as introductions to potential purchases and viewings of properties dry up. That said, if COVID-19 cases fall back in the summer months as in our base case, we would not expect a substantial re-pricing in commercial property markets.
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