Retail real estate has been one of the hardest hit markets by the COVID-19 pandemic. State shutdown orders and health guidelines, a shift in retailers’ needs, and tenant bankruptcies have created the perfect storm for declined retail space demand. Landlords have also had to endure government-mandated rent deferrals and holidays geared at assisting tenants. Even non-paying tenants have gained significant bargaining power over rents. Retail rent collections were reported at 20% to 40% in the Summer of 2020, and U.S. mall reappraisals in 2020 showed an average 60% drop in value from several years ago. The bottom line: retail real estate values have declined.