Got an invitation to a conference call that one of the major banks was providing their view on Main Street Economy, Real Estate, and the Healthcare M&A Landscape. The big takeaway was that major cities that have been effected by COVID (most notably NYC) will take years to recover from this pandemic; much, much longer than 9/11 and the financial crisis. No surprise, but they expect commercial and residential real estate in effected cities to plummet. Storefront retail in cities will probably not come back, and mall closings will accelerate even faster. They are already seeing a residential city flight out of NYC and others. Fulfillment will continue to expand (ecommerce) but the Amazon's, and other fulfillment models will supplement their large million sq. ft. DC's with smaller centers in major cities as they will see this as an opportunity to control the last mile of the delivery. Finally, hospital M&A will be heavy in the next 12-36 months, once large systems can get back on track and recoup the losses during this crisis through volume or subsidy.
Speaking of, while I'm not in real estate, when it comes to residential, I do know that the pipeline for those wanting to move out out of NYC into the NJ suburbs - particularly along the Morris-Essex train line - is red hot. It's always strong, but this has really shot it through the roof.