On November 3, 2020, Californians will decide the fate of Proposition 15. Prop. 15, also known as the Tax on Commercial and Industrial Properties for Educational and Local Government Funding Initiative, asks voters to approve an amendment to the Constitution requiring commercial and industrial businesses to be taxed at market value rather than at purchase price. The market value of properties will be reassessed every three years beginning in fiscal year 2022-2023. This report will…
2020 Q2 Economic Reports
GDP GROWTH The coronavirus pandemic caused the nation’s economic output to fall at its fastest pace on record with gross domestic product declining 9.5% in the second quarter. On an annualized basis, the GDP – the broad measurement of goods and services produced – fell at a rate of 32.9%. The Commerce Department’s initial estimate showed that personal spending, which accounts for roughly two-thirds of GDP, fell an annualized 34.6%, also the most on record….
2020 Q2 North America Market Report
INDUSTRIAL OVERVIEW: DEMAND, NEW STARTS FLAG AS RECESSION TAKES HOLD Second-quarter net absorption totaled 27.2 million SF, bringing the year-to-date total to negative 47.6 million SF for the weakest demand since 2010, as the coronavirus pandemic added to stress on the industrial property sector from slowing global growth and continuing trade disputes. The volume of space under construction fell to 305.5 million SF, down 5.7% from the end of Q1, and Q2 deliveries totaled 5.3…