Over a third of the world’s population is now living under some form of lockdown due to coronavirus. The foretold impacts of the office and residential sector have begun to crystallise as more homebuyers in the UK are plotting a move out of the city to rural areas with some concluding that home working is here to stay - companies like Amazon have allowed selected employees to work from home till October.
The winds of change are stirring up property markets, but not all negatively. Brand-name cities with solid market fundamentals will be difficult to uproot, while liveable low-density cities will enjoy new demand. Conversely, vacation and second-home markets in general are expected to rebound slowly. Interest will pick up as air travel returns, but it could take 5 to 10 years for meaningful recoveries in some cases.
Each week, we will share with you the best reads on industry news & trends.
What caught our eyes this week
Homebuyers 'plotting move to country' amid increased home working
The Guardian - After the lockdown, the exodus. Estate agents are reporting a surge in the numbers of would-be homebuyers plotting a move out of the city to a rural area or smaller town as people conclude that home working is here to stay.
How And Where COVID-19 Is Creating Opportunity
Forbes - The global shutdown in response to the coronavirus pandemic is going to have big effects on real estate markets worldwide. However, the situation we’re about to see play out will not be the same as what we witnessed in the wake of the 2008/2009 global real estate crash.
Amazon Tells Employees They Can Work From Home Until October
PCMag - Some Amazon employees may not be returning to their office for another five months following the latest guidance set out by the company. By limiting the number of employees returning to the office, Amazon's job of not spreading infection is made much easier.
Brookfield Unveils $5bn Retail Rescue Fund
The Urban Developer - The package, designed by Brookfield vice-chairman Ron Bloom, is a boon for a sector that has largely ground to a halt. The NYSE-listed asset manager has material exposure to malls in the US through its listed vehicle Brookfield Property Partners.
How companies are supporting employees during COVID-19
JLL - Beyond the technological adjustments to online meetings and video calls, people are struggling with isolation and uncertainty, childcare responsibilities, or even grief. In response, organisations are creating wellness programs, relief funds and a host of other initiatives to support employees amid the coronavirus pandemic.
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