The efforts to slow the spread of Covid-19 are reshaping our lives. Work-from-home (WFH), social distancing, and self-isolation mean big changes, with some unforeseen consequences.
We have been thinking and studying some of the impacts on society, striving to understand the effects on commerce and the economy. There are many unknowns.
Fewer people commuting means less traffic past the coffee shop, less wear on automobiles, emptier workplaces. When the virus has faded, will these effects be lasting, or fleeting?
Will work-from-home gain a permanent boost, reducing the long term demand for office space?
Do those who formerly stopped at the coffee shop everyday resume that habit when they begin commuting again?
After enjoying more free time from less commuting, will more people seek to live closer to their work?
“Dinner and a movie” has given way to carry-out, cooking from scratch, and streaming services. What happens when the crisis fades?
What is the future for movie attendance?
Does cooking replace some fraction of restaurant meals?
What effects will these trends have on commercial real estate?
There have been other effects, too. Online shopping got a big boost from mass retail store closings. Weddings, funerals, and other kinds of gatherings have been cancelled or postponed. Some people report an increased interest in improving their health; others talk about using food or alcohol to deal with stress. Are these changes lasting or fleeting?
After the 1918-1919 great influenza pandemic, the Roaring Twenties followed. Were exuberance and celebration a bounceback from the isolation, sickness and death of the pandemic?
We have many questions. What do you think? If you would like to talk about this or anything else, please email us or call.