As vaccinations reach critical mass, in-person retail and recreation visits are recovering more rapidly than trips to the office over the past month in the US, according to Fitch Ratings

While trips to the office are sticker because they are dictated by employer policy, leisure movement is hitting near pre-pandemic levels for the first time since July 2020 in the US, according to Fitch. Not surprisingly, increased leisure travel is having a positive impact on US CMBS hotel and retail delinquencies.

While vacation travel is picking up, business travel may be slow to follow. In a recent podcast discussion with CBRE, professor Joel Kotkin, author of "The Human City, " said many workers will choose to attend events remotely as opposed to flying cross-country for a dinner.