Do people follow jobs, or is it the other way around? The answer depends on where we are in a business cycle.
During recessions, people tend to move towards markets where employment prospects are better, and as recoveries take hold, businesses usually expand into areas where people want to live. As the COVID-19 virus spreads around the world, it introduces a whole new dimension to the question: do people follow jobs, or do jobs follow people? Today, the answer is as much about public health as it is about the interplay of economics and demographics.
In this episode, Gleb Nechayev, Head of Research and Chief Economist of Berkshire Residential Investments, looks at how migration during COVID-19 affects economic growth and real estate fundamentals across markets and within.
Gleb Nechayev leads Berkshire’s research and also serves as a member of the firm’s Investment Committee.
Gleb is a recognized economist specializing in residential real estate markets with over two decades of industry experience counseling institutional and private clients. Prior to joining Berkshire, he was Senior Managing Economist for CBRE Econometric Advisors (formerly Torto Wheaton Research) where he provided expert economic outlook in the multifamily, retail and hotel property sectors. Previously, Gleb held research positions with Lend Lease Real Estate Investments and KAI Technologies.
Gleb holds a Master in City Planning degree from the Massachusetts Institute of Technology and is a graduate of the National Economic University of Kyiv, Ukraine. He is a member of the Counselors of Real Estate, the Urban Land Institute, the National Multifamily Housing Council, and the National Association of Business Economists.
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