COVID-19 and California Property Markets

Analysis by Dr. Victor Calanog & Keegan Kelly

California markets are still in the relatively early stages of the Coronavirus (COVID-19) crisis. The situation is changing daily, but there is broad consensus evolving that the economy will shrink at what will likely be a historic rate in the second quarter. This analysis explores how Moody’s Analytics’ downside scenario forecasts, updated to reflect the influence of the pandemic, translate to various property types in California markets.


Free Download


Victor Calanog, PhD CRE® is the Head of CRE Economics at Moody’s Analytics REIS. He and his team of economists and analysts are responsible for the firm’s market forecasting, valuation, and real estate portfolio analytics services. He holds a PhD in Applied Economics and Management Science, trained by a dissertation committee composed of faculty from the Wharton School of the University of Pennsylvania and Harvard Business School.

Keegan Kelly is an Associate Economist at Moody’s Analytics.


Looking for additional insights? Explore our interactive COVID-19 map to analyze the potential impact on commercial real estate markets.


You may also find our website dedicated to COVID-19 to be helpful during this time. Visit for our latest research and views on the credit and economic impact of COVID-19. This site brings together insights from across Moody’s to help you better understand the financial implications of the outbreak.