Moreover, pandemics and climate change have a common peculiarity that hugely affects the real estate market: they both cause physical shocks. Since real estate deals in real assets, the sector is revealing its untested physical fragilities. Hospitals are revealed to be vulnerable in their capacity and flexibility, for example. Residential units once used intensively are shown to be extreme energy consumers. Malls, whose business model is based on the aggregation and proximity of different services, were not prepared for social distancing measures. These shocks, sooner or later, become systemic socioeconomic impacts, with a huge effect on consumer demand and, as aforementioned, on the sector in general.