Demand for office and retail may drop ‘fairly significantly’

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 (BRK-A, BRK-B) at Berkshire Hathaway’s annual shareholder meeting.

Retailers and companies shuttered their doors, sending employees home to “shelter in place” across the U.S. From home, Americans have turned to e-commerce and work-from-home solutions, which could have a lasting negative effect on commercial real estate, says Buffett.

“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.

A visitor looks down an empty hallway at The Fashion Mall at Keystone, Wednesday, March 18, 2020, in Indianapolis. Simon Property Group, the largest owner of shopping malls in the nation, is closing all of its

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