Temporary Continues to Become Permanent

As more and more of the economic impact of the COVID recession become permanent, the length of the recovery will be longer.

Yelp is reporting that 60% (!!!) of closures are now permanent. That is a huge hit to the small business community that will likely take decades to recover from. This is also bad for CRE of course.

I expect more business closures this fall. Although restaurants have been able to survive due to outdoor seating, not many people will be able to eat outdoors in 2 months in many parts of the US.