Since the start of the pandemic, there has been a lot of analysis about what populations and real estate have done in and around cities. For example, suburban office product has outperformed that in central business districts and the pattern held true for the first quarter of 2023. Suburban restaurants outperformed CBD locations because of low office utilization.
Not everything is quite so clearcut. There have been indications that suburban living has started to lose its appeal, particularly for single professionals.
But a new study from Nicholas Bloom, an economics professor, and Arjun Ramani, a researcher, both at Stanford University, suggests that even with some uneven observed results, there has been a definite effect of the Covid-19 pandemic on migration patterns and central business district real estate.
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