COVID-19 disruptions shut down Boston office market

Governor Charlie Baker enacted a stay-at-home order for Massachusetts on Monday March 23rd to help prevent the spread of COVID-19. Office occupiers swiftly implemented remote-work policies as all non-essential businesses were forced to close. But with many industries unable to operate remotely, local and nationwide unemployment started to see an unprecedented uptick. U.S. Congress reacted by passing The CARES Act to provide emergency assistance and health care response for individuals, families, and businesses affected by the pandemic. While this stimulus package may partially offset the immediate economic impact of the shutdown, it remains too early to predict the long-term effect, particularly on the office market.

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