April Market

Market reports rely heavily on comparisons to the same month the year before. Comparing April 2021 to April 2020 would be pointless. Last April we were in the darkest period of the Pandemic. Buyers, sellers, and their realtors were developing and adapting to new, restrictive, and demanding industry protocols. As a result, there were fewer properties available for sale and even fewer sales. As a result it is much more fruitful to look at what unfolded just this past March and compare it to April’s market performance.


March 2021 was an all-time record breaking month both for the number of properties reported sold and the average sale price. April 2021 could not keep pace with the torrid March market. Having said that, April was itself record breaking, setting a new record for reported sales for any previous April. There were 13,663 homes reported sold, 12 percent fewer than the blistering 15,652 that were sold in March. There was also a marginal decline in the average sale price. March’s average sale price came in at $1,097,565. Although still eye-popping, April’s average sale price dipped to $1,090,992.


The decline in price was across the board for all housing types, except condominium apartments. Detached, semi- detached, and townhouse property prices all declined, albeit marginally. In April the average price for detached properties came in at $1,699,756 (a 3 percent decline from March), semi-detached at $1,288,005 (a 1.5 percent decline), and townhouses at $942,371 (a 2 percent decline).


The outlier was condominium apartment sale prices. In April 3,290 condominium apartment sales were recorded, a considerable decline from the 3,821 reported sold in March, a decline of almost 14 percent, contributing substantially to the overall decline in market sales as compared to March. However, while sales declined, prices increased, both in the City of Toronto and the 905 region. The average sale price for City of Toronto condominium apartments came in at $727,137, up from the $707,835 achieved in March. In Toronto’s central districts, where most of the greater Toronto’s condominium apartments are located, the average sale price came in at $781,471, a number not far off average sales prices for condominium apartments pre the Pandemic.


So, what does all this data tell us about the Toronto and area marketplace? Firstly, it was impossible that March’s pace could be exceeded or even equaled for a second month in a row. Since the beginning of 2021, 47,157 properties in the greater Toronto area have changed hands. Historically this is an unprecedent pace. What April’s data tells us is there has been tremendous buyer absorption during the last few months of 2020 and now into the first four months of 2021. Bluntly, the market is running out of buyers. With no immigration since last March, and with many city dwellers moving to secondary markets during the Pandemic, the number of potential buyers is declining.


As to the average sale price, it appears that it too may have reached a pinnacle in March. Between 2019 and March 2021, average sale prices have increased by more than 20 percent. Household incomes have not. A recent study indicated that the decline in mortgage interest rates over the same period has boosted the price that buyers could pay for properties by 22 percent. It is not co-incidental therefore that average sale prices have increased by more than 20 percent over the same period.


Subject to an increase in migration to the Toronto area from other parts of the country and a return to pre-Pandemic immigration levels, the market has probably plateaued and in fact we may see a slight decline in sales as we make our way to the latter half of 2021. Similarly, unless there are declines in mortgage interest rates, the average sale price has plateaued at approximately $1,100,000. Looming on the horizon is the more restrictive mortgage stress testing effective June 1, 2021, which will place further restrictions on buyers’ borrowing power.

March Market

Just when you think the Toronto residential resale market can’t reach new heights, it surprises us again. March was not only strong but it shattered records, something that is becoming a common occurrence.


In March 15,652 homes were reported sold, an all-time monthly record and 97 percent more than the 7,945 properties sold last March. Even considering that the second half of March 2020 was impacted by the implementation of Covid restrictions, March’s results are nothing but extraordinary.


Not only was sales volume record-shattering, but so was the average price. The average price for Toronto and area came in at an eye- popping $1,097,585, the highest average sale price ever recorded. This number is even more impressive when it’s remembered that it included the sale of almost 4,000 condominium apartment units, the least expensive homes on the market, averaging less than $700,000.


The average sale price was unequivocally driven by the unbelievable number of high-end properties that were reported sold. In March 982 properties having a sale price of $2 Million or more changed hands – also a record! By comparison, only 245 sold in this category last year, obviously a number dampened by the effects of the pandemic’s restrictions during the last half of the month.


The speed at which properties sold was also record-breaking. All 15,652 properties reported sold in March came to market and were sold in only 13 days. There are no market descriptors that can define this phenomenon. At one time it was the eastern trading districts in Toronto, in particular Riverdale, Leslieville, and the Beaches, that had speed of light sales. Now sales are taking place even in the 905 region at an incredible pace.

Not only are properties selling quickly in the 905 region, but they also account for the bulk of all reported sales. Of the 15,652 sales in March, 10,522 of them took place in the 905 region, representing 67 percent of all reported sales.


In March condominium apartment sales continued a resurgence that began at the end of 2020. Condominium apartment sales increased by 87 percent in the City of Toronto and by 100 percent in the 905 region compared to last year. Although average sale prices increased in the 905 region by 13.5 percent to $607,000, they remained flat in the City of Toronto at $707,000.


March had a bright spot for stretched and frustrated buyers. In March 22,709 properties came to market, a much-needed increase in inventory, and 57 percent more than March of last year. It would appear that sellers are becoming eager to capitalize on the incredible prices that were achieved this month.


This runaway market gives rise to a variety of issues. There is the issue of sustainability. The average sale price reached a lofty $1,097,565 in March, almost $200,000 higher than it was a year ago. Average household income has not increased proportionately. Far from it. Even more worrisome, at the date of preparation of this Report, (April 8th), the average sale price in the City of Toronto was even higher at $1,106,000, including condominium apartment sales.


When the sustainability of the housing market becomes an issue, it generates government scrutiny. Government intervention inevitably leads to unwanted consequences, as past government intervention has clearly demonstrated. So there is talk of a capital gains tax on principal residences and even a speculation tax. The best solution is an organic one – namely the market moderates itself because households become incapable of paying higher prices, and more inventory comes to market. We are beginning to see signs of both of these developments.

February Market

February Market

Is it really February? The Toronto and area residential resale market certainly did not behave as if it was. Actually, it was more reminiscent of a crazy spring market, and even then, it outdistanced most spring markets that we have recently experienced. In February 2021, 10,970 properties were reported sold in the greater Toronto area. To put that number into perspective, no month in 2019 came close to 10,970 sales. The strongest month for sales in 2019 was May at only 9,951 reported sales, and that was an excellent month! By comparison to February 2020, also a strong month at 7,193 sales, February 2020’s performance was 52.5 percent stronger.


It will surprise no one with such robust sales activity that prices were also sharply on the rise in February. In fact, the average sale price for the greater Toronto area shattered the $1 Million threshold for the first time, finishing the month at $1,045,488, almost 15 percent higher than the average sale price of $910,142 achieved last year. It is interesting to note that the average sale price for the City of Toronto came in lower at $995,201. That was due to the 2,167 condominium apartment sales that were recorded. These lower price point properties acted as a drag on the City of Toronto average sale prices.


Detached and semi-detached property sales in the City of Toronto were extremely active and at a strong prices. Expect to pay almost $1.7 Million for a detached property and $1.325 Million for a semi-detached home – if you can find one. The supply of detached and semi-detached properties in Toronto is at an all- time low. In February, 915 detached properties were reported sold. By March, the inventory of detached properties was down to 938 homes or only 1 month of supply. The supply of semi-detached properties has reached a critical state. In February, 295 properties sold in this category. By the beginning of March, only 181 semi-detached properties were on the market, only .6 months of supply – an unprecedented number.


Sales of every housing type, including condominiums, were strong. This was particularly true for higher- priced properties. In February, 597 properties having a sale price of $2 Million or more were reported sold. Comparisons to previous years are staggering. In 2020 only 266 properties in this price category were sold, and in 2019 a mere 193. Sales in February 2021 were a shocking 125 percent higher than sales at this price point in 2020.


Condominium apartment sales were also very strong in February, posting results 63.2 percent higher than last year. While sales increased, the average sale price continued to decline by 6.4 percent in Toronto but rising by 5.4 percent in the 905 region. It is the decline that is relevant in that 70 percent of all condominium apartment sales are in the City of Toronto. The decline in average sale price in the City’s core, where most sales are recorded, was even lower, down by 10 percent compared to last year.


February’s resale market was like no other we have experienced. Going forward we can anticipate more of this, at least until March and into April, however sustaining 15 percent price increases (higher in some districts) will be difficult. Even with historically low mortgage interest rates, affordability will become (is?) a concern. On the positive side, February saw new inventory increase by over 40 percent compared to last year. If the pace of new listings coming to market continues, more consumer choice should see prices begin to moderate. But currently, with only 1.5 months of inventory, price moderation is still some months away.

January Market

January Market

REAL ESTATE MARKET REPORT
JANUARY 2021: TORONTO REGION


Once again, the Toronto and area resale market delivered eye-popping results. As compared to last January sales were up by over 52 percent and the average sale price increased by almost 16 percent. In absolute numbers January produced an unprecedented 6,928 sales – there were only 4,546 last year – and the average sale price came in at $967,885 for all properties sold throughout the greater Toronto area. It was only $838,000 last year.


But the market was not homogenous. Within the City of Toronto, sales were dominated by condominium apartments. Over 55 percent (1,703 apartments) of all reported sales were condominiums. That was a shocking 85 percent increase compared to the number of condominium apartments sold last year. In the last two months, condominium apartment sales in the City of Toronto have come roaring back erasing the mid-pandemic declines they had experienced.


That was only part of the story. While sales were soaring, average sale prices continued to decline. By month- end, condominium apartment prices in Toronto’s 416 region had declined by 8 percent. The situation was more extreme in Toronto’s central core. Almost 70 percent of all Toronto condominium apartment sales are located in Toronto’s central districts, primarily downtown. Last year the average sale price for condominiums in Toronto’s central districts was $758,000. In January, the identical apartments were selling for $661,000, 13 percent less. With such steep price reductions, it is not surprising that buyers are flocking to the condominium apartment market.


The other market story is Toronto’s suburbs, the 905 region. Not only are more sales taking place in the region, but at rapidly rising prices. In January the average sale price in the 905 region was more than 10 percent higher than the average sale price in the City of Toronto ($866,331). Halton (Burlington, Halton Hills, Milton, and Oakville) and York Region (Aurora, East Gwillimbury, Georgina, King, Markham, Newmarket, Richmond Hill, Vaughan, and Whitchurch-Stouffville) both produced average sale prices for all properties reported sold of more than $1,160,000.


Higher priced properties throughout the greater Toronto area sold at a pace not seen before for January. In January 331 properties were reported sold having a sale price of $2 million or more. That amounts to a shocking 155 percent increase compared to the 130 properties that sold in this category in 2020, and only 76 in 2019. This is an amazing accomplishment, and it demonstrates that robust sales of properties in the greater Toronto area are
taking place in all price categories.


Aside from the issue of sustainability, the perennial concern, as we move into February, inventory levels remain a problem. At the end of January, there were only 7,396 properties available to buyers, almost 5 percent fewer than last year. The bulk of those listings (44 percent) are condominium apartments. There simply aren’t enough ground level, freehold properties to meet demand. It is the rarest of occurrences when new listing offerings aren’t greeted by multiple offers – many multiple offers.


Looking forward, February will be an even stronger month than January. Early February data indicates that the resale market will exceed last February’s results by at least 50 percent and that the average sale price, both in the City of Toronto and the surrounding 905 region, is on an upward trajectory. Cheap money – five year mortgage interest rates at less than 2 percent – government stimulus, and the consumers’ frantic psychological need to acquire real estate, preferable low rise, with outdoor space, will continue to drive this frenzied market for the foreseeable future.

What is underpinning?

What is Underpinning?

Underpinning is a method of increasing the depth of an existing foundation by constructing new footings beneath the existing footings.  One may also underpin to reinforce an existing foundation or to add a below grade or partly below grade entrance to an existing house. Simply speaking, underpinning is a way for homeowners to lower their basement floor and thus, increase ceiling height. The most common method is described below.

Mass Concrete Underpinning Method (Pit Method)

Mass concrete underpinning method is the traditional method of underpinning, as it has been followed by centuries. The method involves extending the old foundation till it reaches a stable stratum.

The soil below the existing foundation is excavated in a controlled manner through stages or pins. When strata suitable is reached, the excavation is filled with concrete and kept for curing, before next excavation starts. In order to transfer the load from old foundation to new one, a new pin is provided by means of placing dry sand-cement pack. This is a low-cost method suitable for the shallow foundation.

Mass Concrete Underpinning

The process of underpinning is not for the inexperienced. There have been a number of times that underpinning jobs have gone awry, resulting in the loss of the home and damage to surrounding homes. Companies with experience and a history of successful underpinning jobs is essential.

December Market

December Market

REAL ESTATE MARKET REPORT
DECEMBER 2020: TORONTO REGION


December’s Toronto and area residential marketplace exhausted all the superlatives that we would normally apply to a robust resale market. Not only was December’s housing market strong by historical standards, but it dramatically exceeded historic norms, performing more like a spring market than what we have come to expect of property sales during the holiday season. It’s almost as if the holiday season didn’t exist, and unfortunately, because of the restrictions imposed by the effects of Covid-19, normal retail shopping was non-existent. Deprived of retail shopping, it appears that buyers focused their attention on housing instead.


December saw 7,180 residential properties reported sold. That is an eye-popping 65 percent increase compared to the 4,364 properties reported sold last December. December 2019 was a very strong month. For example, only 3,746 properties were reported sold during December 2018. It’s not surprising that with this surge of sales, we also witnessed a surge in the average sale price. On a year-over-year basis, the average sale price for all properties sold in the greater Toronto area increased by more than 11 percent, from $838,662 last year to $932,222 this December.


No doubt this huge jump in average sale price was driven by the number of higher-priced properties that changed hands in December, normally a quiet month for luxury property transactions. In December, 287 properties having a sale price of $2 million or more were reported sold. That compares with only 125 last year, an increase of 130 percent. Not surprisingly more than 90 percent of those properties were detached single-family homes in the 416 and 905 regions.


December’s condominium apartment sales require extra attention. Both during the third and forth quarters of 2020 condominium apartment sales and prices declined, in some cases substantially, namely in Toronto’s central core, while inventory levels increased dramatically. In December, we saw a stunning resurgence of condominium apartment sales. In Toronto’s 416 region, sales increased by 80 percent compared to December 2019. In the 905 region condominium apartment sales were equally as strong, increasing by 75 percent. In the 416 region, there was no corresponding increase in average sale prices. In fact, quite the opposite: average sale prices declined by 5 percent. In Toronto’s central core, where most of the City’s apartment projects are located the decline was even steeper. Prices fell by almost 10 percent, from $733,000 in December 2019 to $669,000 this year. Central core condominium apartment sales accounted for almost 67 percent of the city of Toronto’s total condominium apartment sales. It should be noted that condominium apartment sales in the city’s eastern districts not only doubled, but average sale prices actually increased from $476,000 last year to $512,000, bucking the trend in the central core.

The increase in condominium apartment sales at lower average sale prices shifted the variance between average sale prices overall between the 416 and 905 regions. Before December the average sale price in the 905 was always less than the 416. Not this year. The average sale price for the greater Toronto area came in at $932,000. It was 4 percent less in the city of Toronto ($894,000), all as a result of the massive increase of condominium apartment sales at sharply falling prices.


It will be interesting to see if December’s condominium apartment sales were a market anomaly. It may be that the more affordable prices have overcome buyer’s need for space and safety. This phenomenon might also be driven by the fact that prices in the 905 region have risen to prohibitive levels.


Having said that sales of ground level properties, detached, semi-detached and townhouses were robust both in the 416 and 905 regions. Price increases in the 905 eclipsed price increases achieved in the 416 region. Interestingly even condominium apartment average sale prices increased by over 6 percent in the 905 region, a stark contrast to what we witnessed in Toronto’s central core.


Overall, more than 95,000 properties were reported sold in 2020, a 9 percent increase compared to the 87,751 properties reported sold last year. Notwithstanding the unprecedented socio-economic upheaval experienced universally in 2020 as a result of the pandemic, the Toronto and area resale market results were the third best on record. An extraordinary accomplishment!


Looking at 2021 the economic factors that drove the 2020 housing market remain in place. The key factors are exceptionally low mortgage interest rates, government stimulus, and a roaring stock market. With interest rates as low as they are, asset acquisitions will continue to drive the housing market. It is impossible to see a change in this scenario until borrowing money becomes substantially more expensive than what it is at the beginning of 2021.

2021.

Well… who could have imagined that 2020 would be like that? Rumours of a flu like virus circulating early in the year led to one of the biggest pandemics in recent memory. Lockdowns, restrictions, business closures and dramatic contractions to GDP around the globe.

So what does the future have in store for us?

Toronto real estate remained remarkably strong throughout the year. That said, there was some weakness in the condo market due to AirBNB restrictions and a general malaise associated with small spaces and pandemic restrictions. There was some repositioning of the market as people moved to the suburbs for greater space and greater affordability. This drove up prices in areas outside Toronto as well as in the recreational markets like Muskoka, Collingwood, Prince Edward County. Etc.

As vaccine rollouts begin around the globe, what can we expect this year? Firstly, the “fix” will not happen overnight. This will be a long term process that will continue throughout 2021 and likely into 2022. Pandemic restrictions will remain in place that will affect the way we do business, the way we conduct ourselves socially and our society in general. As far as the real estate market goes, there are a number of predictions. Some are predicting an appreciating market and some are predicting the bursting of the real estate bubble. This latter prediction is something that some have been suggesting for many years going back to the first part of the 21st century. One thing to keep in mind is that real estate is a long term proposition. The ebbs and flows of the market matter little if one’s view is long term, which it should be.

We are firmly set in our views that normal life will eventually return to cities around the world, Toronto being no exception. Will we shake hands again? Will we greet one another with kisses on the cheek? Will we once again become accustomed to living in small spaces so that we can be in the heart of vibrant cities offering exciting surroundings and the lifestyle that urban centres have to offer? We believe so. 🙂

Yorkville

Yorkville

Yorkville is a neighbourhood and former village in Toronto, Ontario, Canada. It is roughly bounded by Bloor Street to the south, Davenport Road to the north, Yonge Street to the east and Avenue Road to the west, and is considered part of “The Annex” neighbourhood officially. Established as a separate village in 1830, it was annexed into Toronto in 1883. Yorkville is diverse, comprising residential areas, office space, and an array of shopping options.

Within the Yorkville district is one of Canada’s most exclusive shopping districts, anchored by the Mink Mile along Bloor Street. In 2006, Mink Mile was the 22nd most expensive street in the world, with rents of $208 per square foot. Yorkville had rents of $300 per square foot in 2008, making it the third most expensive retail space in North America. In 2008, the Mink Mile was named the seventh most expensive shopping street in the world by Fortune Magazine, claiming tenants can pull in $1,500 to $4,500 per square foot in sales.

The ROM

What is MoveSnap?

What is MoveSnap?

MoveSnap is like your super-organized friend who knows everything there is to know about moving.

Save Time

MoveSnap guides you through the process of updating all your information in one easy-to-use platform.

Save Money

No need to spend hours comparing quotes. We work with a network of trusted vendors and offer exclusive deals and savings.

Reduce Stress

We support you through every step of the process, from updating IDs to setting up utilities and managing your schedule.

MoveSnap is a complete hub for all things related to moving. It was born out of the recognition that what should be an exciting milestone – moving into a new home – is far too often fraught with unnecessary anxiety, frustration, and expense. 

“As real estate professionals who care, we like to give our clients a premium service that picks up your hand post-close and supports you all the way through your new front door”.

MoveSnap becomes an extension of our brand, allowing you to plan and simplify your move. You can use our PropTech-enabled platform to customize your move details in real-time: booking moving services, updating your government address and IDs, changing your utility services, forwarding your mail, accessing exclusive partner offers and more.

Sincerely,

Erika & Mark

The Future of Cities

Below is an interesting article by the World Economic Forum about the future of cities post pandemic. While opinions may vary, it aligns with our way of thinking which is one of the reasons why we posted it. Cities and urban centres have always been the life blood of our existence. New York City, London England, Paris France, Toronto etc. This period will simply be a reset rather than a death knell for cities. This will provide opportunities for those seeking to purchase some “price adjusted” properties over the next few quarters. Could we then see the roaring 20’s of the 21 century? 🤷🏻‍♂️ This is a possibility given the likely pent up demand for human interaction, travel and the like. Check out our featured listings for luxury properties in Midtown Toronto. https://erikaandmark.ca/featured-listings/


The world of urban living and working may appear to be in flux, but its foundations are deep and secure. Contrary to some predictions made in the midst of this terrible pandemic, a dynamic and reimagined future is taking shape in which the world’s major cities will thrive, characterized by vibrant and distinctive office, cultural, retail and residential profiles.

But should we believe in this view when faced with global news footage of near-empty streets and shops and a reluctance to return to city centres?

Future historians will be tempted to ascribe the roots of all sorts of change to the year 2020, but many of the choices we make in reimagining the future of downtown living and working will be driven by trends that have been gathering momentum for far longer.

The rapidly growing global consensus around the extraordinary importance of sustainability has, for example, been further heightened by COVID-19 as it highlights the fragility of our planet and societies. Elsewhere, the Fourth Industrial Revolution has enabled this year’s massive shift to remote working. Another major driver of change, identified as a top priority by an increasing number of our clients, is the need to improve the human experience of the workplace. 

So what, we might ask? All that has been thrown out of the window by this pandemic. Retail’s future is online, people don’t want to work in offices anymore and they’d like to move their homes out of city centres too. While that will be true for some, for very understandable reasons, it is far from being true for all.

JLL carried out some eye-opening global research in May, when lockdowns were in place across much of the world and when we might have expected the preference for remote living and working to be at its height. With 3,000 respondents across North America, Europe and Asia, our survey found most people have a strong affinity with the workplace and, once safe to do so, would like to return to working in the office, albeit with increased flexibility to work from home one or two days per week.

JLL Human Performance Survey, May 2020
JLL Human Performance Survey, May 2020Image: JLL

In fact, as this JLL global research piece on The Future of Office Demand suggests, post-pandemic demand for office space may not look so different from recent years. Instead, the way that space is used will change. Far lower occupancy levels will be offset by dedicating more space to each workstation with employees dividing their time between home working and the office. We will see even greater emphasis placed on creating the best possible human experience, with more focus on supporting learning and development, creativity and collaboration – the real reasons people and businesses want to work together.

How might that all look and feel? Larger offices will continue to evolve to support multiple workstyles and settings. Some may even feel like miniature urban centres, offering entertainment, education, food and fitness options, and overnight accommodation.

Urban allure for the young and creative

Drawn not just by better employment opportunities, but also by the allure and variety of metropolitan social and cultural scenes, we predict the long-term trend toward urbanization will continue over the next decade. Cities concentrate creative energies and foster innovation, providing expedited career development opportunities in the process. This, aligned with their vibrant cultural and social scenes, will continue to act as a magnet, particularly for the young. Cities will continue to offer higher quality and wider ranging healthcare provision compared with rural areas. The combination of these factors means people needing more space to live and work.

Projected urban and rural populations by 2050
Projected urban and rural populations by 2050Image: Our World in Data

In cities, the rapid rise in home working will see radical new approaches to apartment design, accommodating comfortable and productive home workspaces that do not intrude into bedrooms and sitting rooms. Companies may provide incentives or subsidies to help their employees kit out these spaces. Local community facilities, shared creative spaces and convenience retail will also evolve and flourish. Reliable, high-capacity internet connectivity will become essential.

In cities such as New York, London, Paris and Tokyo, we can expect massive new investment in public transport to provide more space, better air filtration and greater reliability. The old model of crowded commuter services will need a rethink. Solutions and money will be found for this, with governments prioritizing the employment and all-round benefits it provides even as public borrowing is stretched to record highs. 

Away from the office

Destination retail, tourism and leisure will re-emerge strongly in the post-pandemic world, especially once transport systems can return to full capacity. This is unquestionably a tremendously difficult time for the hospitality and travel industries. Many more businesses are likely to fail, even where governments are providing substantial assistance. However, assuming we can avoid significant second waves and a vaccine is not beyond reach, people’s innate desire to socialize, enjoy culture and share experiences will eventually drive renewed growth. We already see the early indicators of that wherever lockdown conditions are eased.

Some areas of the economy – life sciences, logistics and online retail to give three examples – are coping well through the pandemic, with many businesses in these areas showing significant growth. From the real estate perspective, we expect that to continue and stimulate demand. Logistics space, science parks and transport hubs will all provide out-of-town employment and investment opportunities.

In many countries – the US and much of Europe included – we are likely to see a step back from “just in time” supply lines leading to more local manufacturing and warehousing of vital goods, food, PPE and medicines. Hospitals, care homes and assisted-living facilities will also be another major area of focus for real estate development and investment.

Shaping the future of real estate

The world will look different in the coming years; our cities and urban centres especially so. COVID-19 will hasten many of those changes, but the overriding trends and forces for change were already well established before this horrible disease gripped the world. Much about the way we live and work will be transformed. For most, hopefully, that will be an improvement and lead to more fulfilling and rewarding lives and careers.

While offices will evolve, they will remain the beating hearts of the central business districts in major cities across the globe, supporting a lively hinterland of retail, leisure and cultural attractions. This, in turn, will sustain the attractiveness of urban living.

This is an unprecedented opportunity for the real estate industry, which bears a great responsibility to make a success of all this. It is all about shaping the future of real estate for a better world.

https://www.weforum.org/agenda/2020/08/future-of-cities-covid-19/