While the Covid-19 downturn hit more quickly and with more severity than prior downturns, the impact varies greatly by sector. Sectors such as industrial, apartments, and storage have seen more muted declines while sectors such as retail, lodging and to some degree office have been more severely affected.

Some smaller sectors that have been uniquely hard-hit by the Covid-19 pandemic have strong underlying drivers that should support demand once the pandemic passes. Student housing for example should rebound as colleges resume normal activities. 

Additionally, while occupancies in seniors housing have been impacted in the near term with some state and local regulations preventing move-ins, there are already signs of demand for available units, as industry surveys have highlighted the desire for new residents to move in as restrictions ease and the demographic wave of baby boomers is very much still a tailwind for long-term demand. 

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