Job growth, migration to the suburbs and a reignited appetite for travel and entertainment could offset the rising cost of capital across CRE asset classes, according to one industry watcher. 

In a new video, Marcus & Millichap's John Chang notes that since the beginning of the year, of the 22 million jobs lost at the onset of the pandemic, 96% have been recovered, with all set to be recovered (in net) by this summer. The five cities that added the most jobs over the last year were New York, Dallas, Los Angeles, Chicago, and Houston, while Austin, Salt Lake City and Tampa now have more jobs than before COVID-19. And others, like San Francisco, New York City and Orange County are making "significant headway" toward recovery

"Commercial real estate in these late recovery markets may gain momentum as they move back toward traditional employment levels," Chang predicts.