We are about one year into the coronavirus (Covid-19) pandemic and in the first quarter of 2021, another state of emergency was declared. Although not as chaotic as the first time, the sales transaction amount fell 38% year-on-year, with hotel and retail transactions dropping significantly. On the other hand, office building and logistics facility transactions were relatively strong and while the market outlook remains uncertain, buyers’ willingness to invest might not have diminished. ≫