By Katie Burke and Jelena Schulz
There were few winners among those who made bets about how 2020 would unfold ...
National shutdowns, disagreements over mask wearing and other precautions, as well as businesses struggling to adapt to new health guidelines that seemingly changed by the day defined the unprecedented year marked by the coronavirus pandemic and its ability to upend property markets around the world.
The arrival of new vaccines offers hope for 2021. But first, the world must contend with a new surge in cases that promises more turbulence in the weeks and months ahead.
Here's a look back on a year few will miss.
JAN. 6: After months of increasing wariness and speculation, the U.S. Centers for Disease Control and Prevention issues warnings about a strange virus outbreak in China and warns Americans about travel to and from the Asian nation. The announcement triggers worries among trade and hospitality interests.
JAN. 21: The first reported case of the coronavirus in the United States is confirmed in Washington state in a traveler who had recently visited China. Two days later, Wuhan, China, enacts the world’s first lockdown to try to stem the spread of the virus. The following week, the Trump administration suspends entry into the United States by foreign nationals who have traveled to China in the past 14 days, excluding the immediate family members of American citizens or permanent residents.
JAN. 31: As the virus spreads, Europe deals with a different kind of disruption. The United Kingdom officially withdraws from the European Union, leaving unresolved trade and other rules that will preoccupy the continent for much of the year and chill property markets.
FEB. 3: As nations declare public health emergencies around the globe, and firms including real estate brokerages CBRE and JLL close offices and send brokers home, people become familiar with concepts such as social distancing, curbside pickup and Zoom calls to curb the spread of the disease.
FEB. 5: Major global companies including Walt Disney Co. brace for severe revenue hits as properties throughout Asia begin to close.
FEB. 10: The COVID-19 outbreak and its subsequent economic downturn triggers the largest unemployment increase since the Great Depression. The U.S. unemployment rate shoots up from 3.8% in February, the lowest since the post-World War II era, and up to 14.4% in April, surpassing the highest level reported throughout the Great Recession.
FEB. 11: The virus’s outbreak begins to present mounting logistics hurdles as ports and supply chains report delays and stalled production.
FEB. 24: The Dow Jones Industrial Average experiences its worst day in at least two years, and major office deals across the United States begin to stall as investors become increasingly wary about the worsening health crisis. The first recorded U.S. death related to COVID-19 is marked in Washington state days later.
MARCH 2: European countries, including Italy, begin to discuss or announce lockdowns. Major conferences and festivals such as South by Southwest announce cancellations as people become wary of public gatherings. New concerns grow over concepts such as coworking and shared amenities at apartment complexes.
MARCH 11: The World Health Organization declares the novel coronavirus outbreak a global pandemic.
Grocery store shelves begin to go bare as people hoard food and toilet paper. Demand for “contactless experiences” at U.S. stores and restaurants rises. Cases climb. The U.S. population is increasingly nervous.
MARCH 13: President Trump declares a national emergency and releases $50 billion in funding for states and territories to respond to the virus’s rampant spread. Malls and retail outlets across the country begin to close amid rising case counts. Cities begin to issue eviction moratoriums for renters unable to pay as a result of the pandemic.
MARCH 16: San Francisco Bay Area counties become the first in the nation to issue a mandatory shelter-in-place directive. Days later, California becomes the first state to issue a safer-at-home order. Retailers and businesses nationwide begin to close in an effort to stop the virus’s spread.
MARCH 18: Canada closes its border with the United States, an unprecedented move between the two North American countries. It prompts Mexico to implement a similar closure of its border with the United States. Both countries have extended the border closures each month since in an effort to keep the high number of coronavirus cases contained within the United States.
MARCH 23: The U.K. implements a stay-home order. Days later, Prime Minister Boris Johnson tests positive for coronavirus.
MARCH 27: President Trump signs a $2.2 trillion emergency spending bill to distribute individual stimulus payments and create a small-business assistance fund. Governments call a halt to evictions and begin to enforce other measures to help people hurt by shutdowns. Industries hit by extended closings, including the movie theater industry, begin asking for federal financial relief.
APRIL 1: The U.S. hotel industry reports the worst quarter on record in the second quarter of 2020 because of the COVID-19 pandemic’s impact on the global tourism industry. The national occupancy rate falls more than 52%, and revenue per available room falls nearly 70% over the three months.
APRIL 2: Germany’s biggest department store chain, Kaufhof Karstadt, owned by real estate firm Signa, is among the first major retailers to file for insolvency. In the United States, shopping center stalwarts such as J.Crew and Neiman Marcus as well as fitness and wellness outlets such as Gold’s Gym follow, filing for bankruptcy protection amid worsening sales and a challenging economic outlook.
APRIL 22: Demand among fast-casual chains such as Chipotle Mexican Grill climbs as services including digital ordering and delivery make it possible to avoid the challenges plaguing other restaurants.
MAY 5: Office-using companies begin to realize that work-from-home precautions, once thought to be a short-term measure, could be more long-lasting. Layoffs grow, and many begin to reconsider the space they use, subletting or delaying lease or purchase plans.
MAY 10: After more than a month of working at home, tenants of multifamily buildings in suburbs across the country begin to look to leave the city behind for less-expensive rent and more space. Shared amenities in apartments lose their luster. Interest in homebuying begins to pick up.
MAY 15: The Trump administration releases details on a new task force created to produce and deliver a coronavirus vaccine by January 2021. The public-private partnership between the federal government and biotech companies is called Operation Warp Speed.
MAY 29: Efforts to slow the spread of the disease appear to be having some effect, and many communities begin taking steps to reopen their economies once again. Then, George Floyd is killed by police during an arrest in Minneapolis and the resulting furor sparks protests for racial justice in cities around the country.
JUNE 3: Companies rush to lease more warehouses to stock products and accommodate a surge in online sales as people shop from home and eschew stores. Strong e-commerce growth increases Amazon’s advantage over other retailers, prompting the company to sign more industrial leases for future distribution.
JUNE 4: Retail landlords begin to sue their tenants in an attempt to recoup unpaid rents, starting with Simon Property Group’s lawsuit against Gap alleging the retailer skipped more than $66 million in payments.
JUNE 19: In a sign of increasing nervousness as summer holidays begin, tech giant Apple closes its retail stores for the second time in cities reporting a new rise in coronavirus cases, acting as a leader among other retailers that eventually follow suit. A week later, competitor Microsoft announces it will close its retail stores permanently in favor of e-commerce sales exclusively.
JULY 28: Demand among biotech tenants and investors surges as the search for a coronavirus vaccine spurs leasing activity, new construction and sales.
AUG. 19: Former Vice President Joe Biden becomes the official Democratic nominee for the upcoming Nov. 3 presidential election and launches his main line of attack on President Trump’s handling of the public health crisis. Trump touts his efforts to develop a vaccine and get the economy moving again.
AUG. 24: Expired federal aid and unemployment benefits push hundreds and thousands of renters to the financial edge, leading to a massive wave of tenants unable to pay rent.
SEPT. 1: The Centers for Disease Control and Prevention issues a temporary halt on residential evictions until the end of 2020.
SEPT. 9: The United States says it will stop screening international arrivals for COVID-19 in a bid to begin rebuilding global tourism. Increasing challenges for hotel operators reveal signs of lasting damage as an estimated 38,000 properties face the possibility of permanent closure without federal aid.
SEPT. 25: The United States surpasses 7 million COVID-19 cases.
OCT. 2: President Trump announces that he and first lady Melania Trump have tested positive for COVID-19. Health officials warn of a new surge as colder temperatures arrive and people increasingly move indoors. Trump makes dramatic return to White House after a three-day stay in the hospital.
NOV. 7: After almost a week of counting an unprecedented number of mail-in votes, a nail-biting presidential race comes to an end with former Vice President Joe Biden declared the winner. Trump refuses to concede and contests the process.
NOV. 30: Moderna applies for Food and Drug Administration emergency use authorization, which allows the biotech company to distribute its coronavirus vaccine less than a year after beginning the first clinical trial. Pfizer, Moderna and other pharmaceutical companies had announced success rates of more than 90% for their respective coronavirus vaccine trials earlier in the month.
DEC. 6: California Gov. Gavin Newsom issues the state’s most restrictive order since March as coronavirus cases hit record highs and threaten to overwhelm the state’s hospital system. The order, which is implemented regionally based on ICU capacity, closes all on-site dining and other public spaces and indoor businesses, a sign that more states could face similar fates in coming weeks.
DEC. 8: The U.K. begins to roll out its COVID vaccine campaign as it becomes the first Western nation to administer Pfizer’s promised COVID-19 shot. Countries around the world are watching as they prepare their own responses in anticipation of other successful vaccine candidates.