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Market Analysis <br />22 <br /> <br />Market Analysis – Macroeconomic <br />ECONOMIC IMPACT OF COVID-19 <br />As of the current date of value and the date of this report, the nation, region, and market area <br />continue to be impacted by the COVID-19 pandemic. In this section we provide a brief overview <br />of the observed and anticipated impacts of COVID-19 from a macroeconomic perspective based <br />on various CBRE sources. For further and updated information, please visit CBRE’s resource <br />center at https://www.cbre.com/covid-19. <br />In this section, we present the “House View” developed by CBRE Econometric Advisors (CBRE-EA). <br />CBRE-EA has revised its global GDP estimates to project significant negative growth in the short <br />term, followed by a relatively rapid recovery in late 2020/early 2021, but with a slightly negative <br />longer-term impact as illustrated below: <br /> <br />As shown in the following graphs, CBRE-EA projects negative growth for 2020 but an increased <br />rate of growth for 2021. <br />CBRE-EA is projecting a return to economic growth in Q4 2020 that should lead to a reasonably <br />quick fall in unemployment in the U.S., though not to the level seen just prior to the crisis.