Vaccination rates are up while new Covid-19 cases have dropped far down from vertiginous winter heights, according to data from Johns Hopkins. That means growing hope for the country—and the businesses that keep the economy humming.

Along with those changes are new business openings, according to a study from Yelp. Normally, that should mean brighter days for commercial real estate. But government figures on an historical spike in new business formations suggest the real wave of new businesses will be small and unlikely to seek a traditional property lease in the near term.

First quarter tallies of new businesses added onto Yelp by owners or customers reached their highest levels in 12 months, "with restaurant and food business openings, as well as home, professional, local and auto service openings above Q1 2020 levels." The hottest part of that segment focused on takeout or dining out, keeping in sync with Covid-19 concerns.