The longest period of economic expansion in post-war history came to an
abrupt halt when annualized GDP growth for Q1 2020 slipped into negative
territory as the COVID-19 pandemic began to impact global markets. The
ensuing government-mandated business restrictions and shelter-in-place
orders contributed to a record plunge in GDP during Q2 of 31.4%. However,
unlike many recessions, this shock to the economy was self-induced through
a temporary, intentional suppression of economic activity.

As government-mandated restrictions were eased, the economy surged,
recovering as quickly as it had tanked, posting record GDP growth of 33.4%
in Q3 before normalizing to a 4% growth rate in Q4. Commercial property
markets were negatively impacted as well, but not to the extent one would
expect during a period of such severe economic distress.