Understanding the Impact Mechanism of User Behavior Pattern toward Real Estate APP Platforms in the Post-COVID Era: A Quantitative Analysis

While technology factors are the main driver of the booming real estate APP platforms with important implications for user behavior pattern during and post-pandemic contexts, there is a lack of adequate research. In response, this study explores the user behavior pattern of real estate APP platforms to promote user mental health by taking the real estate APP platforms users as the participants based on theory of technology readiness and acceptance model. Data collected from offline surveys are analyzed using PLS-SEM. The results reveal the technology readiness index positively affects individuals' perceived usefulness and satisfaction, ultimately positively affects individuals' continuance intention with real estate APP platforms;satisfaction with real estate APP platforms mediated the relationship between technology readiness index, perceived ease of use, perceived usefulness, and individuals' continuance intention with real estate APP platforms. However, the group comparison finds no significant difference in user behavior patterns by gender. The contribution of this study is to reveal the influence mechanisms of digital technology on users' behavioral patterns toward real estate APP platforms, which can help guide the sustainable development of real estate APP platforms and promote user mental health and wellbeing in the post-COVID era.

Migration Responses to the COVID-19 Pandemic: A Case Study of New England Showing Movements down the Urban Hierarchy and Ensuing Impacts on Real Estate Markets

As the COVID-19 pandemic swept across the United States, the media began reporting stories of people leaving cities for rural destinations, setting off frenzied real estate activity in receiving communities. This article builds a case study of New England using nonconventional data collected from mobile devices as a proxy for population to explore the temporal and spatial patterns of movement down the urban hierarchy since the onset of the COVID-19 pandemic. Two research questions guide the analysis: (1) How have urban–rural migration systems in New England shifted since the onset of the COVID-19 pandemic? (2) In what ways have real estate markets been affected by these apparent migration shifts? The analysis reveals shifts of population away from metropolitan core areas of the region and into micropolitan and noncore counties. These population shifts were most pronounced in late summer and fall 2020 with loosening travel restrictions. By the end of 2020, migration systems in New England once more resembled prepandemic patterns. Further, these places down the urban hierarchy consistently showed more substantial increases in real estate activity as reflected in rising prices, reduced inventories, and increased sales volume. These real estate dynamics suggest urban to rural migration during the COVID-19 pandemic might be initiating new waves of rural gentrification. (English) [ FROM AUTHOR] A medida que la pandemia del COVID-19 afectó por todo lado los Estados Unidos, los medios empezaron a informar sobre historias de gente que dejaban atrás las ciudades por destinos rurales, desencadenando una frenética actividad inmobiliaria en las comunidades receptoras. Este artículo construye un estudio de caso de Nueva Inglaterra, usando datos no convencionales recogidos de dispositivos móviles, como un proxy por la población para explorar los patrones temporales y espaciales del movimiento descendente desde la jerarquía urbana a partir de la aparición de la pandemia del COVID-19. El análisis se guía por dos preguntas de investigación: (1) ¿Cómo han cambiado los sistemas de migración ciudad–campo en Nueva Inglaterra desde el comienzo de la pandemia del COVID-19? (2) ¿De qué manera se han visto afectados los mercados inmobiliarios por estos cambios aparentes de migración? El análisis revela desplazamientos de población fuera de las áreas del núcleo metropolitano de la región hacia condados micropolitanos y no nucleados. (Spanish) [ FROM AUTHOR] 随着COVID-19流行病席卷美国, 媒体开始报道人们离开城市前往农村、在农村引发疯狂的房地产活动。本文构建了美国新英格兰地区（New England）案例, 使用来自移动设备的非常规数据替代人口数据, 探索了COVID-19流行病发生以来由城市迁移到农村的时空模式。研究分析了两个问题：（1）自COVID-19发生以来, 新英格兰地区的城乡迁移体系如何变化？（2）这些显著的迁移变化, 对房地产市场产生了哪些影响？分析表明, 人口从新英格兰大都市核心区域迁移到小城镇和非核心县。随着旅行限制的放松, 人口迁移在2020年夏末和秋季最为显著。到2020年底, 新英格兰地区的迁移体系, 再次呈现出类似于COVID-19之前的模式。处于城市等级体系底层的地区, 房地产活动持续大幅增长, 这反映在价格上涨、库存减少和销售量增加。房地产变化表明, 在COVID-19流行病期间, 城市到农村迁移可能会引发新一轮的农村中产阶级化。 (Chinese) [ FROM AUTHOR] Copyright of Professional Geographer is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

Managing risk in commercial property development projects during the COVID-19 pandemic: Evidence from China

The COVID-19 pandemic is the biggest global health crisis in years. China is the first market primarily affected by the COVID-19 pandemic, with unprecedented lockdown measures bringing real estate and other economic activities to a standstill. This study has two objectives: (1) to identify the risks critical to the risk management of commercial real estate (CRE) development projects based on the project life cycle stages and (2) to identify the stages most affected by the COVID-19 pandemic and the risk factors at different stages. Three rounds of the Delphi study were conducted with nine experts involved in the construction project. The findings indicate that the construction, lease and sale phases are prone to significant risks. Additionally, the analytic hierarchy process (AHP) identified ‘health and safety risk' as the most critical risk factor during the construction phase and ‘marketing and payback risk' as the most critical risk factor during the lease and sale phase. This study enhanced the effectiveness of risk management practices for implementing CRE development projects in China.

Real Estate Insights The continuing uncertainty of property investment markets – an outlook for the UK in 2023

PurposeThe aim of this Real Estate Insight is to comment upon the outlook for real estate investment in the United Kingdom (UK) at the beginning of 2023 in light of global inflation brought about by the pent-up post-pandemic demand push for goods and services and the exacerbation of the Ukraine/Russia conflict.Design/methodology/approachThis Real Estate Insight will comment upon changes in the investor's view of the UK economy and the relative attractiveness of the different property sectors and the shift in thinking post-pandemic.FindingsThis paper will consider a number of scenarios and possibilities flowing from the current uncertainties in the property market and the wider economy.Practical implicationsAs with all property investment, the value and performance of the property assets is interlinked with the use and demand of different property types. Understanding the supply and demand drivers provides investors with a reasoned conjecture of how the property market may perform going forward.Originality/valueThis is a review of the UK market in relation to post-COVID-19 changes to supply and demand at both an operational and investment level.

Direito à moradia: as ações do Museu das Remoções durante a pandemia

A luta pelo direito à moradia no Brasil continuou existindo durante a pandemia de Covid-19 e precisou adotar novas estratégias diante das restrições sanitárias. Este artigo aborda as reivindicações do movimento do Museu das Remoções e sua atuação em defesa do direito à moradia. A pesquisa baseia-se em dados qualitativos da transcrição de debates realizados em 2020 e 2021 pelo Museu das Remoções com outros movimentos sociais na Internet. Os resultados revelam que os principais desafios enfrentados por movimentos sociais durante a pandemia foram a insuficiência do Estado brasileiro em assegurar o direito à moradia com dignidade nas cidades e a contínua violência nos despejos e nas remoções ocorridos mesmo diante das restrições sanitárias. A pesquisa mostra que a disputa por territórios nos centros urbanos atende fundamentalmente aos interesses do capitalismo imobiliário, capaz de inviabilizar inclusive o cumprimento de medidas sanitárias em saúde pública em meio a uma pandemia com elevada letalidade.Alternate :The struggle for the right to housing in Brazil continued to exist during the Covid-19 pandemic and had to adopt new strategies in the face of health restrictions. This article addresses the demands of the Museum of Removals movement and its performance in defense of the right to housing. The research is based on qualitative data from the transcript of debates held in 2020 and 2021 by the Removals Museum with other social movements on the internet. The results reveal that the main challenges faced by social movements during the pandemic were the failure of the Brazilian State to ensure the right to housing with dignity in cities and the continuous violence in evictions and removals that occurred even in the face of health restrictions. The research shows that the dispute over territories in urban centers fundamentally serves the interests of real estate capitalism, capable of even making it impossible to comply with sanitary measures in public health in the midst of a pandemic with high lethality.

Workplace change within the COVID-19 context: The new (next) normal.

Purpose: This paper aims to investigate the current status of the workplace, its evolution during COVID-19, and the impact of the pandemic on the new (next) normal. This follows previous research about changes in the workplace influenced by the pandemic. Documents, publications, and surveys from numerous sources have been analysed to discover more about the experience of employees and organizations with remote working and the advantages and disadvantages of accessing the workplace during the pandemic and in the new (next) normal. The paper has two objectives, the first of which is to explore some indicators based on available data sources that can help to understand and, in some way, measure the workplace changes in the context of COVID-19. The second is to extend the previous analysis, using the same timeline framework, by studying the workplace during and after COVID-19. Structure: First, the introduction explains the main basis of the research and the principal data sources, outlining what is known, what is new, and the aim of the paper. Then the research methodology is explained, along with the criteria by which the datasets were selected, and the results for the indicators outcomes. Finally, the concluding section highlights the findings obtained, their implications, the limitations of the study, and suggested future lines of research. Findings: The analysis provides insight into to employees' and organizations' experience with remote working and the advantages and disadvantages of accessing the workplace during the pandemic. The indicators identified can allow a better understanding of the environment and, especially, a deeper knowledge of the new normal situation under COVID-19. Discussion: In previous studies, certain strategic categories were identified in the process of reimagining the workplace after COVID-19. Those strategic categories supported the conclusion that there were several common company policies which, translated into practical action, could help in people's engagement with their work. These policies can be summarized as redesigning the physical space of the workplace, work flexibility, family reconciliation, and health security. The study of these policies, based on data analysis, may open up different research paths and allow us to establish models directly related to employee satisfaction. Originality: The paper continues a previous line of research on the situation in the workplace by incorporating certain indicators that allow its measurement and, above all, its evolution over time, especially during the time of the new (next) normal, and by investigating the current status and future evolution of the workplace in the context of the COVID-19 pandemic. The analysis of the data made possible the identification of patterns within the available literature regarding recent events and, especially, their influence on the workplace. This has led to the development of indicators in a range of categories. Practical implications: The revolution initiated by COVID-19 has changed the way companies and employees work, which has involved a constant reinvention of the way they operate and provoked previously unseen actions and profound changes in the workplace. Therefore, the idea of the workplace will never again be what it was expected to be was before COVID-19, and it will be very different from that in the new (next) normal.The strategic categories and their indicators developed here are considered important for people's engagement with their workplaces and organizations. The processes adopted by firms must facilitate the redesign of the workplace in accordance with the new forms of work and not act as a mere copy or transfer of the usual approaches to remote work. Providing answers to the questions involved, and deepening the classifications of the categories we develop, can help us understand how people can be connected with the newest forms of workplaces. Some categories and their associated indicators are relevant in remote work and home office environments created by COVID-19. Given that the research started within a pandemic that has not yet ended, while we now know a lot more, the near-term future is uncertain.

Financial and Investment Predicates of Security of Hotel Real Estate Development

The article examines the level of safety of investments in hotel real estate, and also develops general recommendations regarding its provision. It is noted that the safety of investments is an integral concept, and its achievement of optimal indicators forms the investment attractiveness of the micro-and macroeconomic environment. It was found that the investment potential of hotel real estate has been decreasing since 2019 due to unavoidable factors, in particular, the coronavirus pandemic and large-scale mil-itary aggression on the territory of Ukraine, which caused significant risks of financial capital losses. A negative forecast regarding the level of investment attractiveness of the hotel sector was found, verified on the basis of the method of scanning horizon, which is aggravated by the uncertainty of the war timeframe and the impossibility of predicting the scale of the destruction of social and tourist infrastructure. Globalization and digitalization of all aspects of the economy make it possible to form priority directions for the formation of safe relations regarding the investment of hotel projects adapted to the new conditions of the national economy. The relevant factors determining the conditions of investment in hotel real estate were worked out by the method of scanning the horizon. Therefore, this study aims to assess the conditions and risks of an investment in hotel real estate and to develop potential innovative models of interaction between the inves-tor and the recipient of the investment (a subject of the hotel business), which will increase the attractiveness of hotel real estate for investment. The relevance of the above provisions is confirmed by the prospects of restoration of the hotel business after the end of martial law in Ukraine

How do institutional investors react to local shocks during a crisis? A test using the COVID-19 pandemic

We examine how institutional investors reacted to geographically dispersed local shocks during the early stages of the COVID-19 pandemic. A sample of real estate investment trusts (REITs) enables us to link two layers of geography: the locations of the assets in which the REITs were invested and the headquarters locations of institutional investors who owned REIT shares. We find that the institutional ownership of firms with an economic interest in the investors' home markets declined more if those markets were heavily affected by the pandemic. In addition, the ownership responses to the COVID-19 shock were larger in those markets in which REITs had larger portfolio allocations and in markets that were home to the investors. Importantly, we find that nonpassive and short-term investors may have overreacted to the local shocks because their REIT portfolios subsequently underperformed relative to passive and long-term investors. Our study highlights the importance of geography in the formation of investors' expectations during market crises. © 2023 American Real Estate and Urban Economics Association.

Impact of the COVID-19 Pandemic on Remote Working and Coworking Spaces in Germany—Narrative Literature Analyses

The COVID-19 pandemic has been hit the whole German society and with that the way of working as well as the trend of coworking, as it happened similarly in other western societies. With information about governmental measurements, the world of work, mobility and transportation, people's behavior, companies' strategies, the real estate market, and changes in new working spaces from different sources this article creates a narration of immediate impacts, medium-term and long-run effects. Finally, this article aims to draw potential coming changes and further trends for coworking spaces. © 2023, The Author(s).

Concluding Remarks: European Narratives About the Effects of the COVID-19 Pandemic on Coworking

This book is a collection of narrations about the effects of the COVID-19 pandemic from different countries collected within the Workgroup 2ATLAS of the COST action CA18214 ‘The Geography of New Working Spaces and the Impact on the Periphery'. This conclusive chapter comprehends the previous chapters and offers a comparative view regarding the effects on Coworking Spaces (CS), Governmental Measurements to curb the Pandemic, Effects on Work, Remote/Telework Work, Working-From-Home (WFH), Effects on Commuting, Transportation Mods and Services, Effects on the Housing, Place of Residence, Office and Real Estate Market, Effects on Tourism, Effects on Urban Planning. The final section of this chapter draws attention to the direct and indirect effects of coworking spaces. Direct effects on individuals and indirect effects as living-, work- and build-environment, taking into account space and economy, environment (energy) and urban planning. This book contributes to a fast-growing amount of literature on new working spaces, especially coworking spaces. Further empirical studies should be conducted to create evidence as a solid foundation for policies at the EU, national and subnational levels. © 2023, The Author(s).

Decoding the rise of Central Bank Digital Currency in China: designs, problems, and prospects

During the Covid-19 pandemic, there has been a rapid shift in global transaction patterns from offline to online digital payment models, along with a growing interest in the development of Central Bank Digital Currencies (CBDCs) in various countries. This article spotlights the unexamined issue of digital currency regulation by examining the practice and related regulatory rules of the pilot CBDC in China. Beginning with the global design choices of digital currencies, the article comparatively examines the technical design of China's CBDC, known as e-CNY. It further triggers a rethinking of conventional regulations for the protection of digital currency information by investigating the gap between the actual operation and design of e-CNY, as well as the gap between pilot policies and legal provisions such as the Cybersecurity Law, the Data Security Law, and the Personal Information Protection Law. This article argues that, on the one hand, the legislative balance between the protection of personal information and the regulation of illicit financial activities involved in the "loosely coupled account link” system of e-CNY should be reconsidered. On the other hand, the delineation of rights and responsibilities between dissemination institutions, payment service providers, and end-users needs to be further redefined and clarified.

Selling city centre flats in uncertain times: findings from two English cities

The UK's city centre apartment markets have been affected by the coronavirus pandemic and a building safety crisis in ways not experienced by its suburban and rural housing markets. Sellers and estate agents have encountered falling demand and prices, elevated safety concerns, reluctant lenders and changes in buyers' preferences. Against this backdrop, we investigated the narratives and images used to sell what have sometimes appeared to be 'less sellable' homes. Analysing the textual and visual content of 100 adverts for city centre flats, we explored the possible effects of the pandemic on property advertising, the positioning within adverts of building safety and, noting growing interest in sustainability, the presence of sustainability messages. Findings suggest that the core narratives used to sell city centre flats remain largely unchanged from those deployed to first market the concept of 'city living' to UK buyers in the late 1990s. Messages about building safety and sustainability appear uncommon. The implications of the findings are considered.

The Effects of the COVID-19 Pandemic on the Coworking Spaces in Poland

The chapter deals with the changes occurring during the COVID-19 pandemic in the coworking sector. We have collected data and information from primary and secondary sources. The latter include in-depth interviews, covert participant observations and computer-assisted telephone interviews (CATI). We analysed the changes of the number of coworking spaces (CSs) and main mechanisms behind them. The findings reveal the relatively limited scale of decrease in the number of coworking spaces and illustrate how the pandemic outbreak influenced the effects of CS operations, especially on the real estate market. It is argued that independently-run CSs suffered the most, whereas corporate CSs with a stable core of corporate clients, central location and limited competition have been more resilient. With regard to the changes generated by the COVID-19 pandemic, the most significant transformations are seen in the decreasing number of non-virtual events organised by CSs, whereas the scale of the other impacts of CSs on the local milieu decreased slightly. © 2023, The Author(s).

Initial signs of post-covid-19 physical structures of cities in Israel.

The physical structure of cities is the result of self-organization processes in which profit-maximizing developers are key players. The recent Covid-19 pandemic was a natural experiment by means of which it is possible to gain insights into shifts in the spatial structure of cities by studying developers' behavior. Behavioral changes of urbanites triggered by the quarantine and lockdown periods, such as home-based work and online shopping on scales that were unthinkable heretofore, are expected to persist. These are likely to induce changes in the demand for housing, for work, and for retail space, impacting developers' decisions. Associated changes in the land values at different locations are occurring faster than changes of the physical shape of urban landscapes. It is possible that current changes in dwelling preferences will result in significant future shifts in the locational incidence of the urban intensities. We test this hypothesis by examining changes in land values during the last two years by means of a land value model calibrated with vast Geo-referenced data of the major metropolitan area in Israel. Data concerning all real estate transactions include information about the assets and the price of the exchanges. In parallel, built densities are calculated using detailed building data. Based on these data, we estimate the changes of land values for different types of dwellings before and during the pandemic. The result allows us to highlight possible initial signs of post-Covid-19 urban structures, driven by shifting behavior of developers. Supplementary Information: The online version contains supplementary material available at 10.1007/s12076-023-00346-8.

COVID-19 pandemic accelerates the perception of digital transformation on real estate websites.

In early March, the newspapers reported the arrival of the Coronavirus in Brazil. The period of confinement directly affected our routines and transformed our consumption habits. Amidst the fear of contagion and uncertainty, people isolated themselves and postponed changes. Previous studies indicate that digital practices were accelerated after the onset of the COVID-19 pandemic, facilitating communication and improving the performance of various sectors of the economy. Thus, to better understand the behavior of Brazilian real estate market professionals in this period, the objective of this research was to verify whether the COVID-19 pandemic accelerated the process of perception of digitalization in real estate websites. To this end, five experts in the digital real estate market were interviewed, asked what are the main items that a quality real estate website should have to improve user experience. Based on the items selected by the experts, a questionnaire was developed and a question was constructed for each item. The questionnaire was sent online to 2144 realtors, asking about the importance of these items before and after the pandemic started. Using a 5-point Likert scale, and strict criteria for analysis, our survey yielded 423 valid responses. The results indicate that regardless of the groups analyzed, the hypotheses confirm that after the beginning of the COVID-19 pandemic, the perception of the importance of digital technology in Brazilian real estate websites was enhanced, increased. Managers took advantage of the pandemic and the availability of digital technology to offer specialized service to customers, thus creating a new competitive scenario. The tools associated with the visualization of the property and information such as '360°/Video Tour', 'Video Visit Broadcast', 'Chatbots' and 'FAQ List' had the greatest increase in perception.

Does the pandemic hamper or boost the necessity for an international language? A survey on English use frequency among Japanese workers

This study aims to reveal the impact of the COVID-19 pandemic on the necessity of using English as an international language. For this purpose, this study conducted a web survey of Japanese workers, and statistically examined the extent to which the use of English increased or decreased after the outbreak. The findings are as follows. First, although some types of use decreased or increased, the majority did not show substantial changes. Second, the changes in English use were largely influenced by worker factors, such as types of occupation and employment (e.g. it declined typically among sales workers but not among the self-employed and freelancers), the degree of remote working (e.g. not being allowed to work remotely reduced it), and industry (e.g. it declined among workers in accommodation and real estate sectors but increased among public servants). These findings suggest the following implications: (1) non-decline in English use would suggest its resilience as an international language, the necessity of which could endure even in such a global upheaval;and (2) the frequency of using English (and other modes of international communication) is relatively independent of reduced human mobility, but it is largely affected by the economic climate.

The Office Market Reckoning is Nigh

Occupied space, rents, sales transactions volumes, and sales prices were all posting record levels, while vacancy rates had fallen to their lowest level since the Great Financial Crisis (GFC). Few firms went bankrupt as generous government relief programs kept them solvent. [...]most office tenants could only exit their leases once their lease period ended. The office vacancy rate has risen over 400 basis points to 15.7%, the largest Increase In any property sector since 2019.3 A Smaller Corporate Footprint For now, the vacancy rate remains below Its GFC peak, but all signs suggest that vacancies will continue rising In the coming quarters to reach record levels as tenants give up more space than they lease. Most of that space will eventually be counted as vacant landlord space once the leases roll from the tenants' responsibility. [...]expect vacancy rates to spike over the next two years unless firms abruptly begin to lease more space than they have been.

Influence of the global environment on capital flows in the London Office market

PurposeThe London office market is a major destination of international real estate capital and arguably the epicentre of international real estate investment over the past decade. However, the increase in global uncertainties in recent years due to socio-economic and political trends highlights the need for more insights into the behaviour of international real estate capital flows. The purpose of this study is to evaluate the influence of the global and domestic environment on international real estate investment activities within the London office market over the period 2007–2017.Design/methodology/approachThis study adopts an auto-regressive distributed lag approach using the real capital analytics (RCA) international real estate investment data. The RCA data analyses quarterly cross-border investment transactions within the central London office market for the period 2007–2017.FindingsThe study provides insights on the critical differences in the influence of the domestic and global environment on cross-border investment activities in this office market, specifically highlighting the significance of the influence of the global environment in the long run. In the short run, the influence of factors reflective of both the domestic and international environment are important indicating that international capital flows into the London office market is contextualised by the interaction of different factors.Originality/valueThe authors provide a holistic study of the influence of both the domestic and international environment on cross-border investment activities in the London office market, providing more insights on the behaviour of global real estate capital flows.

The Office Real Estate Market: From COVID Disruption toUncertain Future

The Pre-COVID Decline Prior to the COVID-19 pandemic, the U.S. office real estate market had been subject to contraction for approximately a decade as businesses tried to lower overhead by implementing various "open office" concepts such as hoteling and/or hot-desking. For the tenants that are signing on now, there is evidence that they are asking for even less space-per-worker than prior to the pandemic;with the average being down to 175s.f. of office space per worker.M The nature of most commercial office leases blunted the effect of this COVID work-from-home move, at least for a little while. Certain property owners In especially desirable locations, or with certain marquee tenants who have all in-offlce operations, have been able to take this option and ride though lease renewals In the past three years without any material hit on their bottom-line. Rising Interest rates, which started the pandemic at 1.5% to 1.75% for the federal funds rate, and had dropped to 0% to .25% a few days Into the pandemic, have risen steadily In the last few months to 4.5% to 4.75% as of early February 2023.

Do COVID-19 pandemic-related policy shocks flatten the bid-rent curve? Evidence from real estate markets in Shanghai.

The COVID-19 pandemic has drastically affected the socioeconomic activities and peoples' daily life, resulting in a change in locational preferences in the real estate markets. Although enormous efforts have been devoted to examining the housing price impacts of the COVID-19 pandemic, little is known about the responses of the real estate markets to the evolving pandemic control measures. This study investigates the price gradient effects of various pandemic-related policy shocks using a hedonic price model on the district-level property transaction data in Shanghai, China over a 48-month period from 2018 to 2021. We found that these shocks have significantly altered the bid-rent curves. The price gradient for residential property units decreased in absolute value to - 0.433 after Wuhan's lockdown, demonstrating peoples' preferences to avoid the high infection risks in districts closer to the city center. However, in the post-reopening and post-vaccine periods, the price gradient increased to - 0.463 and - 0.486, respectively, implying rational expectations of a recovering real estate market for the low infection and mortality rates. In addition, we discovered that Wuhan's lockdown has steepened the price gradient for commercial property units, suggesting a decline in business volumes and an increase in operating costs in the low-density districts imposed by the strict pandemic control measures. This study contributes to the empirical literature on the price gradient effects of the COVID-19 pandemic by extending the study period to the post-vaccine era.