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Market Analysis <br />23 <br /> <br />Unemployment has historically been highly correlated with vacancy; the following chart illustrates <br />historical trends for unemployment and all-property vacancy rates in the U.S. <br /> <br />ECONOMIES MOVING OUT OF “LOCKDOWN” <br />Several countries in Asia and Europe, where the COVID-19 outbreak appears to have peaked, <br />are gradually reopening their economies. While a vaccine has not yet been made available, there <br />are signs of recovery. Since the virus originated in China, they were the first to enter recovery. <br />Recent Q2 figures from China indicate that GDP grew 3.2% in the second quarter compared to <br />the same time one year ago. This is a clear indicator of how things could evolve in the US, and a <br />rebound in China is likely to impact a number of trade-related channels globally. <br />