While some roles and sectors in the commercial real estate industry are seeing furloughs and layoffs and some employees are finding that good job interviews are few and far between, the industry overall may be in much better shape than the national average.
Of course, good data is hard to find, but according to RETS Associates principal Kent Elliott, the CRE unemployment rate is much lower than the overall unemployment rate, even in the midst of a pandemic. In fact, Elliott told Multi-Housing News in a recent interview that the rate in CRE could be as low as a third of the national rate.
“Currently, overall unemployment has spiked to around 13% and the CRE unemployment rate stands at roughly 4%,” he told MHN at the start of July. “That figure is the same as what the broadest sector of the economy stood at when it was healthy.
Read Full Article Here