Real estate CEO expects ‘exodus’ of central business districts to last the next two years
The coronavirus pandemic is pushing businesses and dwellers out of city centers and downtowns into the outskirts in the short term, but demand can be expected to return to big cities, according to the head of the largest commercial real estate broker in the country.

Hessam Nadji, president and CEO of Marcus & Millichap, on Tuesday told CNBC that it will be a test for suburban areas to accommodate exponential demand. Suburban areas outside of major cities are in high demand, as people migrate from dense urban areas in response to the Covid-19 outbreak. ...

Key Points

  •     Marcus & Millichap President and CEO Hessam Nadji told CNBC he expects the residential “exodus” from city centers such as New York City to last up to two years.

  •     Commercial real estate demand has also picked up in the suburbs as some businesses follow workers into the city outskirts, he said in an interview on “The Exchange.”

  •     The health crisis has sped up the movement of millennials out of the downtown, but demand for central business districts can be expected to return, he said...

RSK: will continue for many reasons which we all know what they are....but eventually the lure of the city will bring people back as the rental rates drop and crime slowly diminishes....maybe even some businesses will take a chance on downtown...the jury is out but right way...

- - Volume: 8 - WEEK: 29 Date: 7/14/2020 9:20:26 AM -