Speaking during REALX. Global yesterday, Barings Real Estate’s head of real estate research and strategy US Philip Conner said that all US market segments have been challenged by the Covid 19 crisis.
However, the near-term “losers” are high-rise towers in dense urban concentrations, where commuters are dependent on public transport and then have to crowd into lifts.
Talking to NAREIM CEO Zoe Hughes, he said that the near-term “winners” are suburban low-rise offices. But he explained that, in the long term, this is not the end of the CBD. He said that it will recover as markets recovered after 9/11.
“I am not in the end-of-the-office-as-we-know-it camp, not everyone can work from home,” he said, adding that we can nevertheless expect change now that the work-from-home genie is out of the bottle.
Click on the video to watch the full interview or listen via the podcast below.