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Most of those leases for big offices are very long contracts... small-mid retail will be the black hole created by Covid as these businesses go bankrupt.
Pro
Every case I’ve had this year had some real estate component. Most large companies are drastically cutting office space in the next 36 months, some even before the leases are due (savings on other facilities costs make the switch worth it).
Happy to chat through DM, some of the new approaches to an office we’ve been exploring are super interesting.
To answer your question: I’m not bullish on commercial real estate in North America.
Would love to know more about the new approaches.