The 35 major institutional real estate owners' investment activity, as measured by properties acquired and total dollar volume, fell by 34% in 2020 compared with 2019, according to a report from Reonomy. Not only was this the most significant decline in investment in the last decade, but it put buying activity at 2014 levels.

When big money buyers did make purchases in 2020, they were mainly in line with their pre-pandemic buys. For instance, they continued to make allocations in the South and West, where they invested before COVID. Roughly 80% of properties were located in these regions at the end of the year.

This consistent approach led Reonomy to conclude that "changes to longer-term outlooks are either minor or have not yet been implemented." Keeping with that theme, large investors continued to allocate money to major markets in 2020, showing they may not believe that work from home is here to stay long term.