Leasing activity slowed considerably during Q3 2020 as the lagging nature of commercial real estate more clearly demonstrated the effects of the Covid-19 pandemic and subsequent business shut-downs.

In spite of softening market fundamentals, developers continued to start projects. Nationally, the level of construction activity showed no signs of slowing during the past six months while, locally, Parkway Corporation broke ground on Morgan Lewis’s new headquarter location at 2222 Market Street.

Capital markets activity posted surprising resiliency during Q3 2020, mostly predicated on a joint venture transaction at Commerce Square in Market West.