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"Moving is simpler for employees than for businesses. But you understand what really can’t move? Skyscrapers. The implications for industrial real property might be very fascinating.” Downtown workplace vacancies have surged across the country, and even within the optimistic situation that 90 % of white-collar employees return to the workplace three days every week, that’s still a practically 50 percent decline in commuting and office use. The cash that’s not going to downtown commutes, offices, and barbershops won’t disappear into the ether. A lot of it is going to just transfer to the suburbs. Bloom calls this the “donut impact,” as economic activity vacates city centers and plumps up suburban rings. If white-collar staff, particularly Millennials, switch their money and time to the suburbs, they’ll take their aesthetic with them. Lots of at-home employees don’t dislike urban life