With the creeping effects of the global crisis we now experience, it is expected that a great deal of pain batters the commercial real estate. The New York Times reported last month that Nevada recorded all-time high COVID-19 cases in the last weeks of September with a 54% increase, and this forced many businesses to either temporarily close, and those with huge losses, to sell their commercial properties.
This is evident in the declining rate of sales and leases of properties in the Nevada area. The number of properties for sale ended with 4.7% increase while businesses closed, and a slight drop on lease. The sales and leases price on commercial properties also declined. The most expensive property on sale dropped 33.6% on its sales price, compared to last month.
Many investors tried to take their chances on many industrial properties but did not really risk too much for it. September is evidently not a good month for the commercial real estate sector.