The novel coronavirus pandemic will change the supply and demand for retail and office space, Warren Buffett said. YFBuffett
The novel coronavirus pandemic will change the supply and demand for retail and office space, according to Warren Buffett, chairman and CEO of Berkshire Hathaway at Berkshire Hathaway’s annual shareholder meeting.
“It may be that what’s happened in the last couple months has accelerated the decline of those businesses, or their customers are developing different habits… There are businesses that were having problems before and that are having even bigger problems,” says Buffett. “People are developing different habits in retail, there's no question about that,” he says. “If you’ve owned a shopping center, you’ve got a bunch of tenants that don’t want to pay you right now, and the supply and demand for retail space may change fairly significantly.”
“A lot of people learned that they can work at home or that there’s other methods of conducting their business than they might have thought from what they were doing a few years ago,” says Buffett.
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