Will the face of Real Estate change?

Question

I have been thinking about Real Estate in general and how Covid is going to have a long-term effect. I am more and more convinced that we are going to see serious urban flight. I think the appeal of living in urban environments is going to be greatly diminished. What is the point if you can’t enjoy the restaurants, nightlife, easy commute, etc? People are working from home and I think that is not going anywhere. If you are a business owner with a large overhead on office space, why keep it? How many businesses do you think have barely skipped a beat during all this? A ton I bet. If the kids ever go back to school people will be happy to stay at home. Of course, they will want that home to be a nice suburban house with a big yard and not a cramped apartment in a high rise. Restaurants are getting destroyed. Bars are basically shut down. Any form of live entertainment is on the back burner. People are adjusting their lifestyles and even with a vaccine, which has no guarantee on the timeline, the population is going to be hesitant to get back to normal. I know people hate to hear it, but we truly are looking at a new normal.

Account Closed · Answer

@Brian Ellwood It has gone on long enough that it will have a lasting impression.  Don’t expect a resolution anytime soon. 5 months went by with a blink of an eye and we have pretty much made no advancements in a long term solution.  A vaccine is not what people think it is.

Brian Ellwood · Answer

Are you thinking Covid will linger for so long that bars/restaurants won't make any kind of comeback, or get back to how they used to be relatively soon? How long you thinking this will go on?