One of the Most Significant Factors Affecting CRE in 2021
- As COVID-19 cases decline and vaccinations rise, restrictions against working in office are being lifted
- Disconnect exists; many companies are pushing for full return to the office, many employees want more flexibility
- Outcome will shape where people work, live and shop
Ramifications Likely to Play Out Over Multiple Years
- As company procedures take effect, some workers may return to offices in major urban hubs, full- or part-time
- Others may either work remotely or quit, and relocate
- First signs of the decisions should start to appear in next few months; full impact could take years to unfold
How the Return to Work Could Play Out for CRE
- If workers return to offices, hard-hit urban Office and other downtown properties would begin path to recovery
- Even partial work in office could aid the recovery
- Sustained work-from home would boost Apartment, Retail, and Industrial demand in smaller cities and suburbs
*As of April 2021
Sources: Marcus & Millichap Research Services, Digital.com