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The Impact of Covid-19 on America: A Permanent Shift in Global Events

Covid-19 will impact the Real Estate Market, Outbreak Permanently Change America

Niels Siskens

CEO of Parrolabs
October 29, 2020
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The Impact of Covid-19 on America: A Permanent Shift in Global Events

Two Decades Post 9/11: The Changing Landscape of World Events

The echoes of 9/11 resonate even today, with its repercussions shaping various aspects of society, especially travel and security. Now, as we navigate the effects of Covid-19, the parallels and distinctions between these two seismic events become apparent.

Remembering the Shock of 9/11

A Day Etched in Memory

For those old enough to recall, the haunting image of the plane striking the Twin Towers remains vivid. This moment ushered in stringent airport security measures and societal shifts, which might now seem overshadowed by the transformative power of Covid-19.

Drawing Parallels and Contrasts: 9/11 and Covid-19

Unexpected Catastrophes

Neither 9/11 nor Covid-19 was widely anticipated, catching the world off-guard. However, their nature and impact differ greatly. While 9/11 was more localized, Covid-19 has global ramifications and will likely persist for a longer duration.

The Future Landscape: Real Estate in the Post-Covid Era

Shifting Urban Preferences

As observed in places like Medellin, the allure of city living is waning. With revolutionary work-from-home policies expected to stay, demand for apartments in city centers may decline, making way for the suburbs and more spacious, remote living options.

The Appeal of Suburban and Remote Living

In the new normal, why confine oneself to a cramped city apartment when the charm of suburban houses beckons? The trend of migrating further from workspaces, possibly to scenic cabins, suggests a potential decrease in urban congestion.

Migration Patterns: States and Beyond

Increasingly, regions like Colorado might witness a surge in settlers from areas like California, driven by escalating property prices. The allure of a comfortable home with spare cash every month might also extend beyond national borders, with more individuals considering relocation to countries like Canada or regions within Latin America. The trend of remote work can potentially foster this global migration.

Conclusion: The Real Estate Rebalance

The Covid-19 pandemic will indubitably impact the real estate sector. However, rather than devastating it, it might promote a more even distribution in property demand and pricing across regions.

Written by Niels Siskens

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