Real Estate Expert Warns ‘Exodus’ From Cities Will Last Two Years

Wednesday, July 8, 2020
By Paul Martin

by Tyler Durden
ZeroHedge.com
Wed, 07/08/2020

The virus pandemic and socio-economic shockwave across the US (read ad hoc protests and riots), and more specifically in top metro areas, has created much uncertainty for city dwellers who are now fleeing for suburbs.

Over the past several months, we have documented city dwellers leaving big cities for suburbs, small towns and communities to isolate from the virus and socio-economic tensions unfolding in many metros. While the exodus from cities is still in the early stages, it’s now believed by at least one expert, that city dwellers could continue to flee US metros for the next 18-24 months.

“I think the next 18 to 24 months are going to show a lot of exodus out of central business districts, as you can expect,” Hessam Nadji, president and CEO of Marcus & Millichap, who spoke with CNBC on Tuesday.

“We’re seeing there’s a lot of office vacancy, for example, in the suburbs that have now been absorbed; there’s a lot of demand for rental homes that we’re seeing because people are fleeing especially hot spots like New York, but … you just have to keep a long-term view on it,” Nadji said.

He said over the next several years – suburban areas will see exponential demand. Already, real estate searches for suburban zip codes surged 13% in May, according to data via Realtor.com.

The Rest…HERE

One Response to “Real Estate Expert Warns ‘Exodus’ From Cities Will Last Two Years”

  1. laura ann

    What do you expect, there are no police, no law or order, trashing cities day and nite into sxxx holes nevefr to rise again.

    #11062
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