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Despite a strong start to the year, retail, industrial and office real estate sales plunged in Northwest Indiana in 2020 as a result of the coronavirus pandemic.
Latitude Commercial s annual market report found retail real estate sales plunged by 40% year over year last year, while industrial real estate sales amounted to only about a fourth of the previous year.
The impact COVID-19 had on the commercial real estate market and the economy will make 2020 one of the most unforgettable chapters of our lifetimes, Latitude Commercial Co-Founder and President Aaron McDermott wrote. Global markets plunged as cases of the virus spread throughout the world. As companies closed their doors this led to significant sales decreases across most restaurant sectors. While we did see a slight drop in vacancy rates, the average price per square foot fell for the first time since 2016. This could be because many landlords were more willing to work with their existing tenants by de ....

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