Skip to main content
Integra in the News

Integra in the News

Integra experts are well-respected and trusted CRE professionals. They are often featured in local, national, and global news media to provide sought after insights, expertise, and an independent perspective to stories affecting commercial real estate markets worldwide.

Learn More

Just Released: Viewpoint 2021 Jan 5, 2021

Just Released: Viewpoint 2021

Bright Spots in U.S. Commercial Real Estate Market Remain Despite Economic Uncertainty, According to Integra’s 2021 Viewpoint Report

Annual Report Unveils Commercial Real Estate Trends Across Five Main Property Sectors, Office, Multifamily, Retail, Industrial, and Hospitality; Includes Specialty Report on Senior Housing

DENVER, CO — (January 05, 2021) — Heading into the new year, market watchers are optimistic about a mid-year economic turnaround that will have a positive impact across the commercial real estate market, according to Integra Realty Resources (IRR) signature Viewpoint 2021 publication released today.

Download your FREE copy.

The annual report provides a detailed overview of local and national commercial real estate market across five key property types: office, multifamily, retail, industrial and hospitality. Viewpoint 2021 also examines trends from the economy, housing, capital markets, interest rates and employment, exploring how these trends will affect commercial real estate markets in the year ahead. This year’s specialty property sector analysis covers Healthcare and Senior Housing.

“Here we are, one year later,” says Anthony M. Graziano, MAI, CRE, CEO of Integra Realty Resources. “The greatest peril the world has seen in more than 80 years has shattered U.S. small businesses, along with our hospitality and retail sectors. In less than nine months, the stock market has confounded the bears, while most local housing markets across the nation posted their best close on volume and price gains in years. The vulture real estate funds remain on the sidelines, waiting for deals that have yet to materialize. Despite the economic uncertainty and market volatility, bright spots remain across the real estate landscape, and we remain cautiously optimistic as we begin the new year.”

As in previous years, this highly anticipated report was produced in partnership with well-known veteran commercial real estate economist, Hugh F. Kelly, PhD, CRE, who adds, “Following 2020, it is fairly easy to predict that 2021 is bound to be better. The new vaccines mean real hope for improved public health conditions supporting economic revival. However, the winter viral surge will leave economic scars. Washington gridlock has raised risks of a ‘W’ recession, constraining early 2021 growth. So, while readers will see there are many reasons for optimism, there are also many reasons for caution as hopeful eyes look towards a mid-year economic recovery.”

IRR Viewpoint 2021 Highlights


  • Those hoping a post-pandemic economy will swiftly return to conditions prevailing in late 2019 are going to be disappointed.
  • Real GDP is still $670 billion off the pre-COVID peak. A return to the prior real GDP peak is projected in the first quarter of 2022 at the earliest, or second quarter 2023 at the latest.
  • The jobs recovery to prior peak is September 2024, at best, and October 2026, at worst.
  • Cap rates for real estate and commercial property mortgage rates have remained stable. With commercial property transactions down 50 percent, year over year, risk-adjusted returns are high and will remain that way into 2021.
  • Interest rates are anticipated to remain low through 2023, or even 2024.
  • Monetary policy will keep the sluice gates of capital wide open, bringing an optimistic air to private sector capital markets both on the equity and the debt side.
  • Coronavirus disruption is creating innovation opportunities across a swath of industries: technology, communications, pharmaceuticals, health services, and even retailing and financial services.


  • The roughly five billion-square-foot U.S. office market has been directly in the crosshairs of the coronavirus pandemic and no part of the country—urban or rural—has proved immune.
  • According to Integra’s market survey, quantifiable comparisons across regions and property classes indicate the market is sorting itself out in a ‘flight to quality’ rather than ‘a flight to cost-advantage.’
  • The pandemic disruption has shrunk transactions so steeply that office investors should be cautious about drawing firm conclusions at this point.
  • From the point of view of property operations, the East and West regions are sustaining the highest market rents and strongest occupancy levels.
  • The pattern of the future may require a transformative change in the physical, operational, and financial aspects of the office markets, rather than a comforting return to normalcy.


  • Apartments have held their top ranking in investment volume, with $92.4 billion in year-to-date deals as of October 2020. However, this figure represents a 40 percent decline year-over-year.
  • Uniquely among the major property types, apartments have sustained a reduction in cap rates over the course of 2020, signaling optimism about future returns for this sector.
  • The approximately 50/50 split in markets deemed in expansion or recovery (33 metros, or 50.8 percent) versus those in recession or hypersupply (32 markets, or 49.2 percent) betrays the awareness of IRR’s professionals of the tension faced by apartment investors going into 2020.
  • Most of the nation’s largest and most visible multifamily markets are those mired in recession: New York, Boston, Chicago, Miami, Houston, Seattle, and Portland, among them.
  • There appears to be an intriguing disconnect between the elements that renters themselves and investors are prioritizing in the stress test that is this pandemic. For while market cycle indicators seem to reflect advantage accruing to the least expensive rental markets, the cap rate data show preference for urban properties over suburban assets, and Class A over Class B apartments – and this is true across regions, as well as being consistent in the discount rate and reversion rate pricing metrics.


  • The rise of e-commerce has been accelerated by the pandemic, and it is questionable whether consumer habits will return to in-store shopping once the public health emergency is past.
  • The cap rate, discount rate, and reversion rate for the retail sector reflect the extremely thin transaction market of 2020.
  • It is no surprise that more than half of the retail markets evaluated in IRR’s annual Market Cycle survey are rated as being ‘in recession.’
  • Declining market rents are the norm today.
  • At some point around mid-2021, the economy will be decisively putting the public health crisis behind it, and a more familiar pattern of consumer behavior will restore to physical retail properties some of the market share that has been captured, by default, in e-commerce.


  • As U.S. employment dropped during the pandemic, the warehouse and storage sector saw a net increase of 46,000 jobs, or 3.8 percent. As in so many ways, Amazon has set the pace both in jobs and in industrial property use.
  • Soaring e-commerce sales contributed to the 36 million square feet of net absorption registered by REIS in the second and third quarters of 2020.
  • One of the key lessons of the coronavirus crisis has been the need to re-think supply chain management with businesses supplementing traditional, ‘just-in-time’ strategies, meant to minimize costs, with ‘just-in-case’ measures.
  • Fully 80 percent of the industrial markets are deemed in recovery or in expansion in this year’s IRR survey of cyclical conditions.
  • A combination of solid performance in 2020 and reasonably anticipated economic improvement later in 2021 should bring buyers off the sidelines relatively soon.


  • The lodging market has been devastated by the pandemic. IRR does not anticipate a return to pre-pandemic metrics until early 2024 due to decreased demand.
  • The top markets for occupancy include Phoenix, Atlanta, Norfolk/VA Beach, Los Angeles/Long Beach, San Diego, and Tampa/St. Petersburg. The hardest hit states were Hawaii (-65.2 percent), followed by Illinois, Massachusetts, New York (-49.1 percent), California, and Florida.
  • Operators are placing emphasis on sanitation/cleaning protocols, increased customer service, and digital check-ins. Due to limited capacities, daily operations are changing, and operators are looking for alternative sources of guests, as they re-purpose under-utilized spaces.
  • Sellers are finding new, non-traditional buyer pools, as cities and counties are purchasing underperforming hotels for transitional and low-income housing requirements.
  • As the U.S. exits the current pandemic, major mergers and acquisitions activity is anticipated among the ‘Big 6’ hotel companies.

Healthcare & Senior Housing Specialty Property Report:

  • Cash flows at many properties have been disrupted by reduced occupancy, higher operating expenses, possible lowering of rent caused by changes in short-term demand, and additional risk premiums applied to the capitalization processes. Lower interest rates are an offsetting force.
  • While the pandemic caused a net reduction in occupied units, slowed move-ins and accelerated

move-outs, senior housing continued to grow in 2020.

  • Healthcare is performing better than retail and hospitality, but valuations have declined more than residential and industrial.
  • Nursing Home occupancy has been declining for years.
  • Industry consolidation via mergers and acquisitions remains an ongoing trend in the hospital industry.

IRR Viewpoint 2021 can be downloaded for free from IRR's website here. For more information about this year’s report, or to access additional IRR research, please visit

Locate an office

Locate an Office

Each IRR office is led by an MAI-designated Senior Managing Director, industry leaders who have over 25 years, on average, of commercial real estate experience in their local markets.
Integra Offices Map Denver, CO Denver, CO 575 Union Blvd.
Suite 209
Lakewood, CO 80228
Phone: 720-833-5930
Fax: 303-951-1924
Boston, MA Boston, MA
Boston, MA 02210
Phone: 212-575-2935
Fax: 646-424-1869
Seattle, WA Seattle, WA 600 University Street
Suite 310
Seattle, WA 98101
Phone: 206-436-1179
Fax: 206-623-5731
Portland, OR Portland, OR
Portland, OR 97205
Phone: 212-575-2935
Fax: 646-424-1869
Boise, ID Boise, ID 1031 E. Park Boulevard
Boise, ID 83712
Phone: 208-342-2500
Fax: 208-342-2220
Salt Lake City, UT Salt Lake City, UT 5107 South 900 East
Suite 200
Salt Lake City, UT 84117
Phone: 801-263-9700
Fax: 801-263-9709
Las Vegas, NV Las Vegas, NV
Las Vegas, NV 89147
Phone: 702-869-0442
Fax: 646-424-1869
Phoenix, AZ Phoenix, AZ 2999 N. 44th Street
Suite 512
Phoenix, AZ 85018
Phone: 602-266-5599
Fax: 602-266-1515
Sacramento, CA Sacramento, CA 590 Menlo Drive
Suite 1
Rocklin, CA 95765
Phone: 916-435-3883
Fax: 916-435-4774
San Francisco, CA San Francisco, CA 555 Meridian Avenue
Suite C
San Jose, CA 95126
Phone: 408-299-0444
Fax: 408-299-0449
Los Angeles, CA Los Angeles, CA 12100 Wilshire Blvd
Suite 800
Los Angeles, CA 90025
Phone: 213-984-4425
Fax: 916-435-4774
Orange County, CA Orange County, CA 4695 MacArthur Court
Suite 11
Newport Beach, CA 92660
Phone: 949-459-3717
Fax: 916-435-4774
San Diego, CA San Diego, CA 527 Encinitas Blvd.
Suite 204
Encinitas, CA 92024
Phone: 858-259-4900
Fax: 858-259-4910
Miami, FL Miami, FL 9155 S. Dadeland Boulevard
Suite 1208
Miami, FL 33156
Phone: 305-670-0001
Fax: 305-670-2276
Naples, FL Naples, FL 2770 Horseshoe Drive S
Suite 3
Naples, FL 34104
Phone: 239-643-6888
Fax: 239-643-6871
Tampa, FL Tampa, FL 550 North Reo Street
Suite 220
Tampa, FL 33609
Phone: 813-287-1000
Fax: 813-281-0681
Orlando, FL Orlando, FL 326 North Magnolia Avenue
Orlando, FL 32801-2431
Phone: 407-843-3377
Fax: 407-841-3823
Jacksonville, FL Jacksonville, FL
Jacksonville, FL 32217
Phone: 212-575-2935
Fax: 646-424-1869
Charleston, SC Charleston, SC 11-C Isabella Street
Charleston, SC 29403
Phone: 843-718-2125
Fax: 843-718-2058
Atlanta, GA Atlanta, GA 5085 Peachtree Road
Atlanta, GA 30341
Phone: 404-924-6247
Fax: 404-418-4357
Birmingham, AL Birmingham, AL 880 Montclair Road
Suite 275
Birmingham, AL 35213
Phone: 205-949-5995
Fax: 205-271-2389
Jackson, MS Jackson, MS 617 Renaissance Way
Suite 100
Ridgeland, MS 39157
Phone: 901-356-4934
Fax: 646-424-1869
Dallas, TX Dallas, TX 1100 Mira Vista Blvd.
Suite 300
Plano, TX 75093
Phone: 972-881-7191
Fax: 972-733-1403
Fort Worth, TX Fort Worth, TX 7080 Camp Bowie Boulevard
Fort Worth, TX 76116
Phone: 817-763-8000
Austin, TX Austin, TX 100 Congress Avenue
Suite 2000
Austin, TX 78701
Phone: 512-924-1345
Memphis, TN Memphis, TN
Memphis, TN 38120
Phone: 901-356-4934
Fax: 646-424-1869
Oklahoma City, OK Oklahoma City, OK 13913 Technology Drive
Suite A1
Oklahoma City, OK 73134
Phone: 405-422-0718
Kansas City, MO Kansas City, MO 104 West 9th Street
Suite 400B
Kansas City, MO 64105
Phone: 816-652-0222
Fax: 636-530-0046
Providence, RI Providence, RI 2 Charles Street
Suite B1
Providence, RI 02904
Phone: 401-273-7710
Fax: 401-273-7410
Syracuse, NY Syracuse, NY 812 State Fair Blvd.
Suite 1
Syracuse, NY 13209
Phone: 315-422-5577
Fax: 315-422-5295
Hartford, CT Hartford, CT 386 Main Street
Middletown, CT 06457
Phone: 860-291-8997
Fax: 401-273-7410
New York, NY New York, NY
New York, NY 10036
Phone: 212-575-2935
Fax: 646-424-1869
Northern New Jersey Northern New Jersey 25A Vreeland Road
Suite 100
Florham Park, NJ 07932
Phone: 973-422-9800
Fax: 973-422-9797
Coastal New Jersey Coastal New Jersey 1415 Hooper Ave.
Suite 306
Toms River, NJ 08753
Phone: 732-244-7000
Fax: 732-505-9498
Philadelphia, PA Philadelphia, PA 1515 Market Street
Suite 800
Philadelphia, PA 19102
Phone: 610-238-0238
Wilmington, DE Wilmington, DE IRR-Corporate
Wilmington, DE 19805
Phone: 212-575-2935
Fax: 646-424-1869
Baltimore, MD Baltimore, MD
Washington, DC 20003
Phone: 212-575-2935
Fax: 646-424-1869
Washington, DC Washington, DC
Washington, DC 20003
Phone: 212-575-2935
Fax: 646-424-1869
Pittsburgh, PA Pittsburgh, PA 3535 Boulevard of the Allies
Pittsburgh, PA 15213
Phone: 412-683-2211
Fax: 412-683-2220
Cleveland, OH Cleveland, OH 22730 Fairview Center Drive
Suite 210
Fairview Park, OH 44126
Phone: 330-659-3640
Fax: 330-659-3640
Columbus, OH Columbus, OH 6233 Riverside Drive
Suite 2N
Dublin, OH 43017
Phone: 614-764-8040
Fax: 614-764-8050
Saint Louis, MO Saint Louis, MO 215 Chesterfield Business Parkway
Suite B
Chesterfield, MO 63005
Phone: 636-898-6533
Fax: 636-530-0046
Chicago, IL Chicago, IL 1 N Franklin St
Suite 3340
Chicago, IL 60606
Phone: 312-565-0977
Fax: 312-565-3436
Minneapolis, MN Minneapolis, MN 7301 Ohms Lane
Suite 190
Minneapolis, MN 55439
Phone: 612-339-7700
Fax: 612-339-7937
Nashville, TN Nashville, TN 1894 General George Patton Drive
Suite 300
Franklin, TN 37067
Phone: 615-628-8275
Fax: 615-628-8286
Richmond, VA Richmond, VA 1805 Chantilly Street
Richmond, VA 23230
Phone: 804-346-2600
Fax: 804-747-9140
Greensboro, NC Greensboro, NC 5411-A Friendly Avenue
Greensboro, NC 27410
Phone: 336-676-6033
Fax: 336-676-6025
Raleigh, NC Raleigh, NC 8382 Six Forks Road
Suite 200
Raleigh, NC 27615
Phone: 919-847-1717
Fax: 919-847-1714
Charlotte, NC Charlotte, NC 214 W. Tremont Ave.
Suite 200
Charlotte, NC 28203
Phone: 704-376-0295
Fax: 704-342-3704
Columbia, SC Columbia, SC 1623 Lake Murray Blvd.
Columbia, SC 29212
Phone: 803-772-8282
Fax: 803-772-0087
Cincinnati/Dayton, OH Cincinnati/Dayton, OH 8241 Cornell Road
Suite 210
Cincinnati, OH 45249
Phone: 513-561-2305
Fax: 513-561-2881
Detroit, MI Detroit, MI 400 W. Maple Road
Suite 100
Birmingham, MI 48009
Phone: 248-540-0040
Fax: 248-540-8239
Indianapolis, IN Indianapolis, IN 4981 North Franklin Road
Indianapolis, IN 46226
Phone: 317-546-4720
Fax: 317-546-1407
Louisville, KY Louisville, KY 13000 Equity Place
Suite 105
Louisville, KY 40223-3976
Phone: 502-452-1543
Fax: 502-451-3657
Houston, TX Houston, TX 9225 Katy Freeway
Suite 206
Houston, TX 77024
Phone: 713-973-0212
Fax: 713-973-2028
San Antonio, TX San Antonio, TX 909 NE Loop 410
Suite 632
San Antonio, TX 78216
Phone: 210-446-4444
Caribbean | Puerto Rico Caribbean | Puerto Rico Vig Tower 1225 Ave Ponce De Leon
Suite MZ-4
San Juan, PR 00907-3907
Phone: 844-952-7304
New Orleans, LA New Orleans, LA
New Orleans, LA 70130
Phone: 212-575-2935
Fax: 646-424-1869
Little Rock, AR Little Rock, AR
Little Rock, AR 72223
Phone: 212-575-2935
Fax: 646-424-1869
Grand Rapids, MI Grand Rapids, MI 1009 44th Street, SW
Suite 107
Grand Rapids, MI 49509
Phone: 616-261-5000
Fax: 616-261-5045
Lubbock, TX Lubbock, TX 6309 Indiana Avenue
Suite A
Lubbock, TX 79413
Phone: 806-368-8063
Northwest Arkansas Northwest Arkansas
Fayetteville, AR 72701
Phone: 212-575-2935
Fax: 646-424-1869