Physical distancing has directly changed the way people inhabit and interact with physical space, and the knock-on effects of the virus outbreak have made the demand for many types of spaces go down, perhaps for the first time in modern memory. This has created an unprecedented crisis for the real estate industry.
A report by Bloomberg states that global real estate investments have declined by 33% and that in Asia has been hit the worst with a fall of 45%,
Real estate economic and research experts said the pandemic directly impacted the demand for space through quarantines, social distancing, shutdowns, supply chain disruptions, employment loss, and a shattering of consumer confidence.