In its first of a series of global sentiment surveys, Savills has assessed the initial impact of Covid-19 on transactional and occupier markets around the world. As many as 67 percent of countries currently report a moderate negative impact, while the 29 percent citing a severely negative impact.
The Savills Global Market Sentiment Survey is intended to provide a snapshot of the market conditions across 24 global country markets between March 27-31, 2020. The report found the drops in transaction volumes reported across 62 percent of all real estate sectors globally. The sharpest falls in activity were seen in retail, with activity reported to be down in 82 percent of the countries surveyed, and hotels where transaction activity fell in 84 percent of countries.
“Our survey is based on the sentiment of my research colleagues around the world who are talking to a range of clients on a daily basis. They report that disruption associated with Covid-19 is having a profound impact on global real estate,” Paul Tostevin, director in Savills World research team, commented.
"The situation on the Polish real estate market does not differ significantly from what we observe in other countries. The increased caution of market participants is clearly visible in the context of entering into long-term commitments in the form of commercial space lease and investment purchases. Limitation of activity also takes place on the supply side of the investment market, where some entities suspend the sales process for an indefinite period of time, adopting a wait and observe strategy, " Wioleta Wojtczak, director of research and analysis at Savills in Poland, sums up.