In 2011, there were 8,600 department store locations in the U.S., but by 2020 only approximately 6,000 remained. Last year, foot traffic for U.S.-based malls declined 27 percent compared to 2019, and as of this June, mall visits were still down eight percent over the same month in 2019. Recently, department store closures and traffic declines caused mall owners including CBL & Associates, Pennsylvania Real Estate Investment Trust and Washington Prime Group, the owner of more than 100 mall locations across the United States, to file for Chapter 11 bankruptcy. However, for every misfortune there can be an opportunity. Since 2016, Amazon has converted 25 mall spaces into distribution centers, while 200 new charter schools have opened in vacated U.S. retail properties. And while retail malls are struggling, open-air shopping centers are thriving, according to David Lukes, CEO of SITE Centers, which manages more than a hundred shopping centers. Lukes said, “The demand for space right now is higher than I have seen it in 15 years.” Changing consumer values and priorities, as well as what we have called the New Economy, are creating declining demand for certain kinds and locations of real estate, while the need for more physical space in other industries and sectors is growing so rapidly that companies can’t find the desired locations to expand quickly enough. These changes in real-estate supply and demand are leading to more building conversions as well as an ongoing reconsideration of how space should be used, and they also highlight which areas are increasing in value in the New Economy.