Health Crisis Presents Array of Challenges to West Coast Economies, Which Could Lead to Lasting Disruption for Property Markets
Economic resilience of multiple markets a bright spot for the recovery. The West Coast has taken a more pragmatic approach to managing the pandemic, staying under lockdown for longer durations than other states while also implementing statewide and local measures that support tenants and businesses. As the region starts to come out of the shutdown, the underlying strength of these markets will help in the recovery efforts, particularly due to the robust tech workforce. California, Oregon and Washington recorded a strong increase in tech and engineering jobs over the past decade, boosting the local economies and supporting robust gains in commercial real estate. Many asset classes in the region were some of the nation’s best performers before the pandemic, helping to bolster markets during the economic downturn, while positioning them for a sound recovery.