Seems fairly inevitable. Office space is going to be fat that gets trimmed to help keep companies afloat. They already have systems in place for remote work now, its an easy move to cut costs. Many brick and mortar retail, restaurants, services won't survive being closed for months hell most were just hanging on as it is, there could be massive vacancies once this is all over. Rents will go down, the strong will survive, others wont.
In time I would be interested if this causes a shift in residential habits. Spending 2-3 months inside a small studio/apartment is likely going to have an affect on what people want to live in later on. Patios, yards, space and an extra bedroom for an office since we're now setup to work from home.
The implosion of commercial could have some upside for residential for these reasons. But not until the dust settles from homes combining to cut costs and recover, causing more vacancies in residential and lower rents from increased competition. Factor that in with tightened lending for fears of defaults and while I doubt we get a flood of foreclosures (they'll just offer deferment/adjustments) the smaller buyer pool and increased inventory appearing post lock down would surely bring prices down.
I'm bearish, but my predictions three weeks ago on the corona virus thread were spot on.
