This feels right - the benefits of living in the city were always more about being close to other people for nightlife etc than being near the office anyway. Mo

This feels right - the benefits of living in the city were always more about being close to other people for nightlife etc than being near the office anyway. Most people always did leave central London/NYC/etc in their 30s when they start a family - Covid may have temporarily changed some people's plans but I do think it's temporary. But office space in major cities is looking pretty vulnerable I think. Moving from planning space based on everyone spending 5 days a week in the office to planning based on work from home 2/3 days per week on average allows you to give workers more space per head (for their days in the office) while also still using less space in total and saving money - it's a win/win. Not everyone will do this but it will be widespread enough to make a real difference I suspect. There will be knock on impact to that in all the businesses which serve office workers too. And eventually it probably feeds into a change in the mix between office space and residential which could (via more supply) put some downward pressure on residential rents.