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Well it happened to Commercial RE because of COVID, which was seemingly unthinkable. So now we want to convert some to residential.

What other unthinkable future could lead to a change in net migration out of urban areas rather than into urban areas? Happened ~1950->1990s. Flipped 2000-2020s. Could flip back? Who knows!



Was the situation with retail real estate really unthinkable? Retail had been in decline several years prior to 2020.




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