Distress Mounts in U.S. Property Market Frozen by Pandemic

Commercial transactions tanked 68% in the second quarter
Industrial properties were brighter spot than retail, hotels

A nearly empty street is seen in Times Square in New York on June 11.Photographer: Jeenah Moon/Bloomberg

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By John Gittelsohn and Noah Buhayar

July 22, 2020 at 2:00 PM UTC

Updated on

July 22, 2020 at 3:46 PM UTC

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The U.S. commercial real estate market is showing ever greater signs of stress, but there are still few deals to be had.

Transactions fell 68% in the second quarter across all property types compared with 2019 as potential buyers and sellers remained far apart on the prices of buildings, according to data released Wednesday by Real Capital Analytics.