"The higher overall percentage of those vaccinated, the less destructive the office environment will be," said Kaitlin Kincaid of real estate recruiting firm Keller Augusta.
The owners' equivalent rent metric in the CPI has shown a slowing in imputed annual rent growth from June 2020 to June 2021, contrary to the acceleration in single-family price growth.
"Even with investment in state-of-the-art retrofitting, it will be difficult for shopping centers to reach those goals, as offsets of that magnitude would both tenants and consumers make significant changes in consumption."