How Will Urban Decline Affect Real Estate?
Nick Halaris, president of Metros Capital, returns to Real Vision for an update on the conversation on real estate he shared in May 2020. He breaks down why real estate as an overall asset class has had a bifurcated and, in some ways, surprising response to the COVID-19 pandemic. He explains why the different sectors of retail, office space, hotels, and housing had distinct reactions to the pandemic based on geography, macroeconomic trends, and demographics. Finally, he shares his thoughts on the “death of cities” narrative that has become a major point of debate in media. He argues that the narrative from both sides is exaggerated and lacks nuance as big real estate investors have placed large bets on a rebound in urban living, and smaller urban areas are benefiting from the possibly temporary exodus from megacities like New York and Los Angeles. Filmed August 31, 2020.