The pandemic will cause commercial property values to drop significantly. This will cause property owners to default on mortgage repayments, and then those properties will find new owners at a lower price, who will then offer lower rent.

Offices

The trend has to be away from working in offices.

• Many businesses now know that they can have work-from-home staff, and any fears they had regarding work actually getting done could have been reduced
• Co-working spaces were never hugely profitable, and are not likely to be resurrected. Those workers are already working mostly remotely and will shift to home
•  Reduced staff numbers in existing offices means reduced space utility, which means downward pressure on rent

Restaurants

Restaurants will not have more seated customers than before the pandemic, so the same or less are the only ways it can go. So expect rent to drop, or food prices to increase

• People have become more used to feeding themselves at home
• Even if the law allows it, some people will not like being seated so close to others
• Table service might disappear – the most likely spreader is a waiter who talks to dozens of tables every night
• Home delivery will be higher than pre-pandemic, as even more people have become used to it

Retail

Retail was already disappearing in the physical world.

• More people will have discovered and become used to online shopping
• Some people will have a long-term distaste for being in busy malls purely to shop
• Malls will continue to pivot towards food and experiences
• Supermarkets will stay busier

Residential

After being stuck in apartments for months, people will (even if just subconsciously) desire more space at home. Prices for standalone houses will rise much more than apartments.

• People now working from home will want more space
• We will have developed more pride of our homes
• Entertaining friends at home will increase, instead of meeting in public spaces
• Homes with gardens will be desired