The COVID-19 pandemic and its aftermath will bring permanent shifts in demand. Over the next decade, we will see significant behavioral changes in our engagement with the built environment — from the home to the workplace to shared community spaces. Investors who can recognize and adapt to these structural shifts will be well positioned to not only survive, but also thrive, in the “new normal.” As we look to the post-COVID-19 real estate market, we see five major themes to watch, each with different horizons and ramifications, but all resulting from a new, rapidly forming reality.

Sharing is no longer caring. Pre-COVID-19, we had observed a considerable increase in the shared economy, which flowed into real estate in many different forms. Co-working gained traction at remarkable speeds; short-term rentals, such as those offered through Airbnb, had grown exponentially. We also saw the emergence of shared amenity spaces in apartment buildings (i.e., lobbies, loun