Melbourne Australia is in the third year of population decline now. I know on top of this population shift that a huge number of the major employers have shifted towards much more work from home arrangements due to the pandemic and due to the the 263 days of lockdowns that were imposed I think many of these changes will last for longer than in places that were less disrupted. That said I still think commercial real estate prices here are artificially high/in a bubble because of the high number of vacancies even if there's already been a pullback in prices. Just structurally speaking the demand side for commercial real estate here has substantially fallen, but I'm not sure the same can be said for other parts of the world right now. I'd be curious to know more about what's happening in other locations as I feel like Melbourne is a bit of an outlier in many regards.