COVID-19 and the Convergence of Retail and Industrial

Analysis by Dr. Victor Calanog et al.

The COVID-19 pandemic has prompted a number of retail bankruptcies, even as demand for warehouse/distribution space appears to be increasing. There is much news about repurposing fallow retail space for industrial use, but not all locations—or space configurations—are good candidates for the changing supply chain logistics.

In this paper, we will delve into the economics of repurposing real estate for other uses. As well as discuss which locations are more ideal, and why, using three case studies of businesses that filed for bankruptcy and which lease retail locations across the country.

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Victor Calanog, PhD CRE® is the Head of CRE Economics at Moody’s Analytics REIS. He and his team of economists and analysts are responsible for the firm’s market forecasting, valuation, and real estate portfolio analytics services. He holds a PhD in Applied Economics and Management Science, trained by a dissertation committee composed of faculty from the Wharton School of the University of Pennsylvania and Harvard Business School.


Looking for additional insights? Explore our interactive COVID-19 map to analyze the potential impact on commercial real estate markets.


You may also find our website dedicated to COVID-19 to be helpful during this time. Visit for our latest research and views on the credit and economic impact of COVID-19. This site brings together insights from across Moody’s to help you better understand the financial implications of the outbreak.