The Lasting Impact of Covid on CRE
Residual Covid-19 Ripples Still A Significant Factor for CRE
Worker Shortage Shrinking, But Far From 2019 Level
There are 9.6 million job openings in the economy, roughly 2.5 million higher than in 2019
The shortage will impact business’ ability to grow while reinforcing upward wage pressure and remote work practices
Rethinking Supply Chains In the Long-Term
While supply chain frictions have eased, a shift toward bringing production closer to U.S. consumers occurred
This will most directly impact industrial properties, but will aid other property types through job creation
Behavioral Changes Accelerate Shift to Suburbs
Apartment, retail, and office vacancy rates are lower in suburban areas nationally than CBDs in 1Q 2023
This trend is supported by both a large population of millennials aging into prime family formation years, and an uptick in marriages after the pandemic
*Through April; Job openings through March
Sources: Marcus & Millichap Research Services, BLS
