Good analysis but missing the 2nd order effects Restaurants have tight profit margins b/c lots of potential restaurateurs are competing to profitably use space, uncooked food and labor; they have to do so as well as potential competitors if all need more space -> rents go downhttps://twitter.com/ReLynnWrites/status/1255007228567814145 …
Two things: 1) Marginal property owners aren't in a position to hold out - they'll cut rents and compete away tenants 2) Literally no one can fill a restaurant the way you could pre-plague - this is a giant drop in demand for space at the current price