COVID created a lot of changes and we do not expect there to be a reversion in those behaviors. If someone used to go to the bank branch to do their banking and COVID forced them to adopt more digital banking practices, that person's not gonna go back - Phil Kirschner
There is a difference of both the kinds of workers, the companies, and the physical urban planning profile. The cities that are more homogeneous from an asset class perspective, with higher percentages of knowledge workers, those two are the one-two punch where you will get, London and San Francisco, and will probably struggle more. New York is a major city, dense, and even with multiple ‘downtown’ cores, there are still people who live there, and we expect that to increase over time - Phil Kirschner
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There is strength in the heterogeneity of asset class. Not just office, but residential, retail, restaurants, entertainment, hospitality, tourist attractions, etc. to keep the streets vibrant with people and activity.
Single-use, traditional 'central business districts' with offices to the exclusion of other things, are most vulnerable to the change that is underway.
Want to learn more, check out the 64-page report. McKinsey Global Institute (MGI) ‘Empty Spaces and Hybrid Places: The Pandemic’s Lasting Impact on Real Estate' - https://www.mckinsey.com/mgi/our-research/empty-spaces-and-hybrid-places
Phil Kirschner: Real Estate, Futures, Workplace | Work 20XX Podcast with Jeff Frick -
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Transcript and Show notes - https://www.work20xx.com/episode/phil-kirschner-real-estate-futures-workplace-work-20xx-ep17
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