We are halfway there. In the case of open-air retail centers, occupancies fell in 2020 by 1-2% and they will likely fall the same amount in 2021. Beginning in 2022 the recovery will reverse those losses and within 5-7 years, occupancies will return to their peak level.
This cycle of going from 8% vacancy to 12% in a short time and then spending the next 5-7 years climbing back to 8% has repeated itself over and over again during the last 35 years. Some things never change. There is no retail apocalypse, it’s just normal business cycle contraction.