Meanwhile, the threat of a recession is looming larger by the day, with applications for unemployment benefits surging as hotels, restaurants and other businesses cut employees.

There won’t be a “back to normal” once all of this is over, according to Minerd, who sees demand shrinking for virtually every type of commercial real estate.

Shopping malls will close permanently, demand for office space will decline -- even industry conferences and social events could be replaced by telecommuting, he said. Guggenheim had approximately $275 billion in assets as of Dec. 31, about 20% of that in real estate.

“I think there’s going to be a permanent change,” Minerd said. “People are more comfortable at home. Why do they need to commute?”

This article was provided by Bloomberg News.

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