As the global economy reels under the weight of COVID-19, the oil and gas industry has been affected by another shock as global oil prices have collapsed for the third time in the last 13 years. This decline is compounding the impact of the pandemic in cities where the oil and gas industry is an important, or even dominant contributor to the local economy.
The balance of this report focuses on six markets across the Americas where the oil and gas industry greatly contribute to local economic activity and commercial real estate markets. The markets include Calgary, Dallas, Denver, Houston, Rio de Janeiro and St. John’s, Newfoundland and Labrador. Each market features an overview into the oil sector, market drivers, the impact on commercial real estate (CRE) throughout past oil market downturns and lessons learned.
