According to Ross Prindle, Managing Director and Head of Duff & Phelps’ Real Estate Advisory Group, the COVID-19 pandemic has caused commercial real estate lenders to nearly stop providing financing. It’s now hard to get a loan for commercial properties, making purchases difficult to complete.

"Lending has pretty much stopped for commercial real estate, with multifamily and single-family being the exception," Ross said. He also noted that government-sponsored enterprises Fannie Mae and Freddie Mac are still backing residential loans. 

Ross went onto say that, “Transactions have stopped ... since there are no dollars available…Until America gets back to work, this is going to be the norm for a couple of months." He added that, “Assumptions that you had before are now no longer valid” 

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