All of this discussion about the pandemic creating large permanent shifts in terms of where people will live and work post-pandemic is overstated or at least premature.
Who really moved in 2020?
During the pandemic, more people moved than usual. Moves increased from approximately 1.8 million in the previous two years to 2.0 million in 2020 and gateway markets saw a larger number of people migrate. However, as people moved out of gateway markets and CBDs, businesses have not.
What should we expect in 2021 and beyond?
The high frequency data is telling us that the economy is very much on the mend. If cases remain low as the vaccine rollout continues, on-the-ground activity should continue to improve, serving as a boon to office, retail and hospitality activity.
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