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  "documentTitle": "Multiple REIT subsectors (urban office, retail, business hotels, movie theaters)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Jonathan Litt",
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  "presentationDate": "2020-12-01 00:00:00",
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  "notes": "The slide argues that the market is failing to differentiate between stocks with a fundamental rebound and those experiencing a temporary 'mirage' of normalcy.",
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      "kind": "callout",
      "text": "The Vaccine Mirage may confound investors about the ultimate impact from COVID-19.",
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      "kind": "chart",
      "text": "E-Commerce Has Significantly Accelerated Post Pandemic",
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      "text": "e-commerce sales penetration: 25%",
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      "text": "Before the pandemic retail real estate was facing secular challenges as e-commerce penetration steadily rose from 5% 10 years ago to 15% in 2019. The pandemic supercharged the shift...",
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      "text": "While next year we will see headlines on consumers returning to the stores in droves, it is unlikely visitation and revenues of the stores overall will be able to return to pre-pandemic levels...",
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      "text": "Yet the market does not appear to be differentiating closely enough between stocks likely to sustain a fundamental rebound from those likely to merely experience a mirage of normalcy.",
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      "text": "Source: U.S. Census Bureau, Euromonitor, Prologis Research forecast",
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      "text": "The Real Estate Sectors Most Likely to See a Vaccine Mirage",
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      "text": "Retail",
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